AnalysisBitcoin

Bitcoin (BTC) Has Crashed Hard! Will This Decline Continue? Analyst Announced

Bitcoin (BTC) Has Crashed Hard! Will This Decline Continue? Analyst Announced

Bitcoin price extended its upward move to $ 49,700 before correcting further against the US Dollar. BTC dropped above $ 2,000. However, it is likely to remain stable above $ 45,000. According to the technical analysis of NewsBTC’s Aayush Jindal:

  • Bitcoin initiated a drastic downside correction after setting a new all-time high around $ 49,700.
  • The price is currently trading above the $ 46,000 support, but below the 100 hourly simple moving average.
  • There is a key bullish trend line formed with support near $ 46,000 on the hourly chart of the BTC / USD pair ( based on Kraken data).
  • As long as the pair trades above $ 46,000 and above $ 45,000, it is likely to return.

Bitcoin (BTC) Lives Correction

There was an upward increase in bitcoin price above the $ 49,200 level. BTC even traded at a new all-time high of close to $ 49,700 before facing strong selling interest.

The price dropped sharply below the $ 48,000 and $ 47,000 levels. Bitcoin traded under a major contracting triangle formation with support near $ 47,600 on the hourly chart. There was also a break below the $ 46,800 support level and the 100 hourly simple moving average.

The price even fell below $ 46,326. However, it remained stable above the 1.236 Fib extension level of the upward move from $ 46,326 to $ 49,708.

bitcoin btc has experienced a hard shower, will this shower continue, analyst explained 1

Also, there is a key bullish trend line formed with support near $ 46,000 on the hourly chart of the BTC / USD pair. If there is a downside break below the trendline support, the price could drop towards the $ 45,000 support. The next major support is near the $ 44,250 level. This is near the 1.618 Fib extension level of the upward move from $ 46,326 to $ 49,708.

Will Bitcoin (BTC) Soar?

If the Bitcoin trendline stays above its support, it could start a new increase above $ 46,800. The first critical resistance is near the $ 47,000 level and the 100 hourly simple moving average.

A successful break above the $ 47,000 resistance level and a close above the 100 hourly SMA could trigger a new increase. The next critical resistance is located near the $ 48,000 level.

Technical indicators

  • Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently below the 50 level.
  • Major Support Levels – $ 46,000 followed by $ 45,000
  • Major Resistance Levels – $ 47,000, $ 47,400 and $ 48,000

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

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