Bitcoin price is consolidating below the $46,000 zone against the US Dollar. BTC could start a major decline if it breaks the $44,200 support zone in the near term.
- Bitcoin is facing a major resistance near $46,000 and $46,200 levels.
- The price is now trading well below $46,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a major decline if it fails to clear the $46,000 resistance zone.
Bitcoin Price Consolidates
Bitcoin price failed to gain strength above $46,500 zone and started a fresh decline. The last swing low was formed near $44,135 before the price climbed higher.
There was a break above the $45,000 resistance level. The price broke the 50% Fib retracement level of the recent decline from the $47,399 high to $44,135 low. However, the price is now facing resistance near the $46,000 and $46,200 levels.Bitcoin is now trading well below $46,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $45,750 level and the 100 hourly SMA.
Source:The first major resistance is near the $46,000 level. The next major resistance is forming near the $46,200 level, above which the price could rise towards the key $47,400 resistance in the near term.