Soure: Bitcoin
Bitcoin has yet again extended its decline below the $47,500 support zone against the US Dollar. Technical Analysts have stated that BTC could recover, but upsides might be limited above $47,500 at best. Since then, BTC started a fresh decline below the $48,500 and $47,500 support levels. The price is trading below $48,000 and the 100 hourly simple moving average.
There is a key declining channel forming with resistance near $47,150 on the hourly chart of the BTC/USD pair, according to the data feed from Kraken. The pair could correct higher, but upsides might be limited above $48,000 in the near term.
In the latest cryptocurrency news, the price of Bitcoin failed to recover above $48,800 and started another decline. BTC traded below the $48,500 and $47,500 levels to move further into a bearish zone. Experts have analyzed this data and have stated that the decline gained pace below the $47,000 level.
A low is formed near $46,120, and the price is now consolidating losses. Bitcoin is trading below $48,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $46,600 level. It is near the 23.6% Fib retracement level of the recent drop from the $48,123 swing high to $46,120 low. The first major resistance is near the $47,200 level.
There is also a key declining channel forming with resistance near $47,150 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent drop from the $48,123 swing high to $46,120 low.
A clear move above the $47,500 resistance zone could start a fresh increase. The next major resistance is near the $48,500 level, where the bears might emerge. Any more gains could send the price towards the $50,000 level.
If bitcoin fails to recover above $47,200, it could continue to move down. An immediate support is near the $46,200 zone. The first major support is near $46,000.
A downside break below the $46,000 level could push the price towards the $45,500 support. Any more losses may possibly lead the price towards the $45,000 support zone, below which there is a risk of a larger decline in the coming sessions.
The technical indicators that back these analyses are the Hourly MACD which is now gaining pace in the bearish zone, the Hourly RSI (Relative Strength Index), which is well below the 40 level for BTC/USD, the major support levels at $46,200, followed by $45,500, and major resistance levels at $47,200, $47,500, and $48,500.
Losses have been incurred due to these BTC price declines, and the cryptocurrency has currently seen tumultuous and unstable decreases as per analyzed. Investors should pay close attention to the charts and should be wary about their next moves regarding the premiere cryptocurrency as BTC continues its decline without any prior upsides within its forecast. As we enter a brand-new year, there will be many changes within the market, and it’s exciting to see where the future of Bitcoin will sit once things finally settle down.
