BTCIs Still Facing Hurdles Near $46,000. Will It Get Better?
The price of Bitcoin is now trading below $46,000, which is the same as the last week. It is now trading above the 100 hourly simple moving average. However, it is hard to tell if it would sharply drop below the 100 SMA in the near future.
From the hourly chart above, you can see that Bitcoin is facing a major resistance near $45,500 a few hours ago and now it is trying to break the $46,000 resistance level. If it fails to turn $46,000 to the support level today, Bitcoin could start a major decline below $45,000.
If Bitcoin can stay well above the 100 SMA, it would walk out of the shadow of $46,000 and gain more momentum to rechallenge the coveted $50 mark. But things are not that easy since the recent market is not that shinny after the May crash.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI is now just above the 60-level.
Major Support Levels – $44,000, followed by $43,500.
Major Resistance Levels – $46,000, $46,300 and $46,500.
From the hourly chart above, you can see that Bitcoin is facing a major resistance near $45,500 a few hours ago and now it is trying to break the $46,000 resistance level. If it fails to turn $46,000 to the support level today, Bitcoin could start a major decline below $45,000.
If Bitcoin can stay well above the 100 SMA, it would walk out of the shadow of $46,000 and gain more momentum to rechallenge the coveted $50 mark. But things are not that easy since the recent market is not that shinny after the May crash.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI is now just above the 60-level.
Major Support Levels – $44,000, followed by $43,500.
Major Resistance Levels – $46,000, $46,300 and $46,500.
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