Bitcoin turns red, which could trigger more inconvenience

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The price of Bitcoin has struggled to recover above the $ 46,000 resistance against the US dollar. BTC could continue to fall below the $ 44,200 support area in the near term.

Bitcoin is facing major resistance near the $ 45,500 and $ 46,000 levels. The price is now trading below $ 45,000 and the 100 hour simple moving average. A major bearish trendline is forming with resistance near $ 45,500 on the hourly chart of the BTC / USD pair (Kraken data feed). The pair could accelerate even lower if there is a clear break below the $ 44,200 level. Bitcoin price remains at risk

The price of bitcoin traded as low as $ 44,258 before attempting an upward correction. BTC managed to recover above the resistance level of $ 45,000.

There was a break above the 50% fiber retracement level of the recent decline from a high of $ 47,200 to a low of $ 44,258. The price even broke the resistance zone of $ 45,500, but the benefits were limited.

Bitcoin did not break through the resistance zone of $ 46,000. A major bearish trendline is also forming with resistance near $ 45,500 on the hourly chart of the BTC / USD pair. It appears the pair struggled to clear the trendline and broke the 61.8% Fib retracement level of the recent decline from a high of $ 47,200 to a low of $ 44,258.

Source: BTCUSD on TradingView.com

It is now trading below $ 45,000 and the 100 hour simple moving average. On the upside, immediate resistance is near the $ 45,000 level. The first key resistance is near the $ 45,500 level and the trendline. If Bitcoin clears the resistance levels of $ 45,200 and $ 45,500, it could attempt further gains above the $ 46,000 level.

More losses in BTC?

If bitcoin fails to break above the resistance levels of $ 45,200 and $ 45,500, it could prolong its decline. Initial bearish support is near the $ 44,250 level.

The first major support is now near the $ 44,000 area. The next key support is now near the $ 43,800 level. If there is a clear break below $ 43,800, the price could plunge towards the support area of ​​$ 40,000. Intermediate support is near the $ 42,000 level.

Technical indicators:

Hourly MACD The MACD accelerates in a bearish zone.

Hourly RSI (Relative Strength Index) RSI for BTC / USD is now below level 40.

Major support levels $ 44,200, followed by $ 43,800.

Major resistance levels $ 45,200, $ 45,500 and $ 46,000.

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