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BTC price touches again at $45.000, short-term declines become attractive

BTC price touches again at $45.000, short-term declines become attractive
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Recently the Bitcoin price surged above the $44.000 level against the US Dollar. BTC traded close to $45.000 and could correct the decline in the near term.

  • BTC started a wave of recovery above the $43.000 and $43.000 resistance levels.
  • The price is now trading above $44.000 and the 100 hour simple moving average.
  • There is a key bullish channel forming with support near $44.250 on the BTC/USD hourly chart (Kraken data feed).
  • The pair could correct lower towards the $43.500 support zone and the 100 hour SMA.

In this article, we will discuss:

Bitcoin price

O Bitcoin price started a rise above the $43.000K level. BTC remained well bidden and managed to clear the $44.000 resistance level plus the 100 hourly simple moving average.

The price even rose above the $44.500 level and traded close to the $45.000 level. A high was formed near $44.934 and the price is now correcting downwards. There was a break below the $44.500 and $44.400 levels.

An immediate support is near the $44.300 level. There is also a major bullish channel forming with support near $44.250 on the BTC/USD hourly chart. The pair is also well above the 23,6% Fib retracement level from the recent surge from $39.580 low to $44.934 high.

On the upside, an immediate resistance is near the $44.800 level. The first major resistance is near the $45.000 level. A clear break above the $44.800 and $45.000 levels could trigger another rise. The next major resistance is near the $46.200 zone, above which the price could move higher towards the $47.000 resistance.

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Bitcoin live chart

Limited dips in BTC?

If bitcoin fails to clear the $45.000K resistance zone, it could start a further decline. An immediate support on the downside is near the $44.300 level.

The next major support is near the $44.250 zone and the channel trend line. A break below the channel support could take the price towards the $43.500 support zone or the 100 hourly simple moving average. Any further losses could push the price towards the 50% Fib retracement level from the recent wave of $39.580 at the swinging low to $44.934 at the $42.250 high.

Technical indicators

  • MACD per hour – The MACD is slowly losing pace in the bullish zone.
  • RSI per hour (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.
  • Top Support Levels – $44.250, followed by $43.500.
  • Major Resistance Levels – $44.800, $45.000 and $46.200.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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