TA: Why Bitcoin Price At Risk of A Fresh Drop To $42K

2021-9-9 06:08

Bitcoin price corrected gains and moved above $45,000 against the US Dollar. BTC is now struggling to surpass $47,000 and it could start another decline.

Bitcoin is facing a major resistance near $47,500 and $48,000 levels. The price is now trading well below $48,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline as long as it is trading below the $48,000 pivot level. Bitcoin Price Faces Hurdles

Bitcoin price declined heavily towards $42,000 before it started a recovery. BTC was able to recover above the $43,500 and $45,000 resistance levels.

The price even climbed above the 23.6% Fib retracement level of the main decline from the $52,800 swing high to $42,000 swing low. The bulls even pushed the price above the $46,000 level. However, they faced sellers near the $47,450 level.

It seems like the 50% Fib retracement level of the main decline from the $52,800 swing high to $42,000 swing low acted as a resistance. There is also a key bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The pair is now trading well below $48,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $47,000 level. The first major resistance is near the $47,500 level. A close above the $47,500 level could start a decent increase in the near term. The next major hurdle for the bulls could be near the $48,500 zone.

More Losses In BTC?

If bitcoin fails to clear the $47,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $45,500 level.

The first major support is near the $44,800 level. If there is a downside break below the $44,800 support zone, the price could extend its decline. In the stated case, the price could test the $43,000 support.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still below the 50 level, with a bearish angle.

Major Support Levels – $45,500, followed by $44,800.

Major Resistance Levels – $47,000, $47,500 and $48,500.

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Bitcoin (BTC) на Currencies.ru

$ 118299.2 (+0.03%)
Объем 24H $73.193b
Изменеия 24h: -1.97 %, 7d: 0.48 %
Cегодня L: $117509.7 - H: $118438.94
Капитализация $2353.484b Rank 1
Цена в час новости $ 46820.29 (152.67%)

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