Well, let's take a closer look at bitcoin in the hourly time frame and have an update.
Bitcoin buyers have so far failed to cross the $ 45,000 resistance. As it turns out, the market has been reforming in recent days; But the downtrend is likely to be limited to $ 42,800.
Bitcoin started a new uptrend yesterday with the support of buyers at the level of $ 44,000. The price went above $ 44,500, and buyers could increase their distance with the 100-hour moving average (SMA).
Despite this upward movement, the price candle did not meet the resistance of $ 45,000, and the price peaked at $ 44,770. Then, with the start of the downtrend in the market, first the support of $ 44,500 and then the support of the bullish channel on the chart in the range of $ 44,200 was lost.
Bitcoin is currently trading a short distance from the 23.6% Fibonacci level. In this analysis, Fibonacci levels are set based on the upward movement of the price from $ 41,573 to the peak of $ 44,770. If the market continues to rise again, the uptrend channel line on the chart at $ 44,200 will act as the first resistance to the price.
The first key resistance for Bitcoin is at $ 44,500, and crossing it could pave the way for further price jumps. The following key resistance is at $ 45,000, and if this level is broken, we can expect the price to reach the next resistance at $ 45,500.
If buyers can still push the price above $ 44,500, they will have to wait for a deeper price correction. In that case, it would support $ 43,800 before other price levels.
The next key support is $ 43,150 and the 50% Fibonacci retracement level. Breaking this range could push the price to the $ 42,800 support area and close to the simple 100-hour moving average, which breaks the risk of a sharp fall in the price of Bitcoin in the short term.
The MACD is entering a bearish range, and the Relative Strength Index (RSI) is still above the 50 level.
As mentioned, $ 43,800 and $ 43,150 are key Bitcoin supports, and $ 44,200, $ 44,500 and $ 45,500 also act as price resistance.
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Bitcoin buyers have so far failed to cross the $ 45,000 resistance. As it turns out, the market has been reforming in recent days; But the downtrend is likely to be limited to $ 42,800.
Bitcoin started a new uptrend yesterday with the support of buyers at the level of $ 44,000. The price went above $ 44,500, and buyers could increase their distance with the 100-hour moving average (SMA).
Despite this upward movement, the price candle did not meet the resistance of $ 45,000, and the price peaked at $ 44,770. Then, with the start of the downtrend in the market, first the support of $ 44,500 and then the support of the bullish channel on the chart in the range of $ 44,200 was lost.
Bitcoin is currently trading a short distance from the 23.6% Fibonacci level. In this analysis, Fibonacci levels are set based on the upward movement of the price from $ 41,573 to the peak of $ 44,770. If the market continues to rise again, the uptrend channel line on the chart at $ 44,200 will act as the first resistance to the price.
The first key resistance for Bitcoin is at $ 44,500, and crossing it could pave the way for further price jumps. The following key resistance is at $ 45,000, and if this level is broken, we can expect the price to reach the next resistance at $ 45,500.
If buyers can still push the price above $ 44,500, they will have to wait for a deeper price correction. In that case, it would support $ 43,800 before other price levels.
The next key support is $ 43,150 and the 50% Fibonacci retracement level. Breaking this range could push the price to the $ 42,800 support area and close to the simple 100-hour moving average, which breaks the risk of a sharp fall in the price of Bitcoin in the short term.
The MACD is entering a bearish range, and the Relative Strength Index (RSI) is still above the 50 level.
As mentioned, $ 43,800 and $ 43,150 are key Bitcoin supports, and $ 44,200, $ 44,500 and $ 45,500 also act as price resistance.
If you liked my idea, follow me for more.
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