Bitcoin price started a downside correction below $46,000 against the US Dollar. BTC is now consolidating above the $43,800 support and the 100 hourly SMA.
- Bitcoin failed to stay above the $47,000 level and corrected below $46,000.
- The price is holding the $44,000 level and the 100 hourly simple moving average.
- There was a break below a key contracting triangle pattern with support near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to start a fresh increase if it stays above $43,000 and the 100 hourly SMA.
Bitcoin Price is Showing a Few Bearish Signs
After struggling to climb back above $47,000, bitcoin price started a downside correction. BTC traded below the $46,000 support level to move into a short-term bearish zone.
There was also a break below a key contracting triangle pattern with support near $46,000 on the hourly chart of the BTC/USD pair. The pair even traded below the $45,000 and $44,450 levels. A low is formed near $43,748 and the price is currently consolidating losses.An initial resistance on the upside is near the $45,500 level. It is close to the 50% Fib retracement level recent decline from the $47,356 high to $43,748 low.
The next major resistance is near the $46,000 level (the recent breakdown zone). The 61.8% Fib retracement level recent decline from the $47,356 high to $43,748 low is also near the $46,000 level. A successful break above the $46,000 resistance level is likely to start a fresh increase in the near term.