Bitcoin price is facing a problem against the US Zone of around $46,000 and if BTC continues to struggle near the $46,000 zone then it could start a major decline.
- Bitcoins are facing a major resistance of near about $46,200 and $45,500 levels.
- The price of bitcoins is now trading below $45,500 within 100 hourly simple moving average.
- There is a major bearish trend line in bitcoins that is forming with the resistance of near about $46,000 on the hourly chart of the USD/BTC pair (data feed from Kraken).
- To start a steady increase in the near term, the pair must clear the resistance zone of near about $46,000.
Bitcoin Price Faces Hurdles
The extended price level of bitcoin has declined below the level of $45,000. Now, BTC has even spiked below the support level of $44,200 and settled down to the 100 hourly simple moving average.
However, the price started a steady recovery while a low was formed near $43,374 as there was no downside continuation below $43,500. but, there was a break in the above resistance level of about $42,200 and the price of bitcoins also broke the Fib retracement level of 50% of the recent drop to $43,374 low from $46,879 high.
Bitcoin is now facing a strong resistance of around $45,500 and the 100 hourly simple moving average. The Fib retracement level of 61.8% is also acting as a resistance near the $45,550 of the recent drop to $43,374 low from $46,879 high.
However, the main resistance of bitcoin is still near the zone of $46,000. Bitcoin must clear the 100 hourly SMA, $46,000, and the trend line zone to move into a positive zone.