TA: Bitcoin Plunges Below Key Support, Turn Sell On Rallies

TA: Bitcoin Plunges Below Key Support, Turn Sell On Rallies

Bitcoin declined sharply below the $45,500 support against the US Dollar. BTC could recover, but upsides might be limited above $45,000.

  • Bitcoin gained pace below the key $45,500 support zone.
  • The price is trading below $45,000 and the 100 hourly simple moving average.
  • There is a crucial bearish trend line forming with resistance near $46,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might start recovery, but the bears might remain active near the $45,000 zone.

Bitcoin Price Dives 5%

Bitcoin price failed to clear the $47,500 resistance zone and started a major decline. BTC declined heavily below the $46,000 and $45,00 levels.

The bears even pushed the price below the $43,500 level. A low is formed near $42,505 and the price is now consolidating losses. It is trading near the $43,500 level. It is facing resistance near the 23.6% Fib retracement level of the key decline from the $47,066 swing high to $42,505 low.

Bitcoin is trading below $45,000 and the 100 hourly simple moving average. An initial resistance is near the $44,000 level. The first major resistance on the upside is near the $44,800 level.

The 50% Fib retracement level of the key decline from the $47,066 swing high to $42,505 low is also near the $44,800 level. Besides, there is a crucial bearish trend line forming with resistance near $46,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

A clear move above the $44,800 resistance zone could send the price towards the trend line. The next major resistance is near the $45,600 pivot zone. A close above $45,600 is needed for a fresh increase in the near term.

More Losses In BTC?

If bitcoin fails to recover above $44,800, it could continue to move down. An immediate support is near the $43,000 zone. The first major support is near $42,500.

A downside break below the $42,500 level could push the price further lower. In the stated case, the price may possibly decline towards the $41,000 level in the coming sessions. The next major support is near the $40,000 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.

Major Support Levels – $43,000, followed by $42,500.

Major Resistance Levels – $44,000, $44,800 and $45,600.

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: