Bitcoin buyers have so far failed to pass the $ 45,000 resistance. The market has apparently adjusted the jump in recent days, but this downward adjustment 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 exceeded $ 44,500 and buyers were able to 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 beginning of the downward trend in the market, first the support of $ 44,500 was lost and then the support of the bullish channel on the chart in the range of $ 44,200.
Bitcoin is currently trading a short distance from the Fibonacci level of 23.6%. In this analysis, Fibonacci levels are adjusted based on the upward price movement of $ 41,573 to a peak of $ 44,770. If the market continues to rise again, the bottom line of the bullish channel on the chart at $ 44,200 will act as the first price resistance.
The first key resistance facing bitcoin is $ 44,500, and crossing it could pave the way for further price spikes. The next 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 are still unable to push the price above $ 44,500, they will have to wait for a deeper price adjustment. In this case, it will maintain $ 43,800 before other price levels.
The next key support is $ 43,150 and 50% Fibonacci. Losing that range could push the price closer to the $ 42,800 support zone and close to a simple 100-hour moving average, attributing the risk of a sharp drop in the price of bitcoin in the short term.
The MACD is on a downward trend and the Relative Strength Index (RSI) is still above 50.
As mentioned, $ 43,800 and $ 43,150 are key to bitcoin support, and $ 44,200, $ 44,500 and $ 45,500 also act as price resistance.
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