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{"id":469082,"date":"2021-08-12T03:08:39","date_gmt":"2021-08-12T03:08:39","guid":{"rendered":"https:\/\/wncen.com\/?p=469082"},"modified":"2024-06-11T13:57:39","modified_gmt":"2024-06-11T13:57:39","slug":"bitcoin-consolidates-decline-45k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-consolidates-decline-45k\/","title":{"rendered":"TA: Bitcoin Consolidates, What Could Trigger A Sharp Downside Correction"},"content":{"rendered":"

Bitcoin price is facing a strong resistance near $46,700 against the US Dollar. BTC is likely to nosedive if it continues to struggle above the $46,500 resistance.<\/em><\/p>\n

\n
Bitcoin is still struggling to clear the $46,500 and $46,700 resistance levels.<\/li>\n
The price is now above the $45,000 zone and the 100 hourly simple moving average.<\/li>\n
There was a break below a major bullish trend line with support near $46,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair must stay above the $45,000 support to avoid a major decline in the near term.<\/li>\n<\/ul>\n
Bitcoin Price Faces Hurdles<\/h2>\n
Bitcoin price is still facing a strong barrier near the $46,500 and $46,700 resistance levels<\/a>. BTC is currently consolidating well below the $46,700 resistance zone.<\/p>\n
Recently, there was a minor downside correction from the $46,699 high. The price traded below the $46,000 support level. There was a break below the 50% Fib retracement level of the upward move from the $44,714 swing low to $46,699 high.<\/p>\n
Besides, there was a break below a major bullish trend line with support near $46,000 on the hourly chart of the BTC\/USD pair. The pair is now above the $45,000 zone and the 100 hourly simple moving average<\/a>. An immediate support on the downside is near the $45,450 level.<\/p>\n
The 61.8% Fib retracement level of the upward move from the $44,714 swing low to $46,699 high is also sitting near the $45,450 level. On the upside, an initial resistance is near the $46,200 level.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The first key resistance is near the $46,500 level. The main resistance is now forming near the $46,700 level. A clear break above the $46,700 is must to start another increase. In the stated case, the price might easily rise towards the $47,500 level. The next major resistance is near the $48,000 level.<\/p>\n
Sharp Decline in BTC?<\/h2>\n
If bitcoin fails to climb above the $46,200 and $46,500 resistance levels, it could continue to move down. An initial support on the downside is near the $45,450 level.<\/p>\n
The first major support is now near the $45,200 zone and the 100 hourly SMA. The main support could be $45,000. Therefore, a clear downside break below the $45,000 support zone could trigger a sharp decline. The next major support could be $43,200.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n
Major Support Levels \u2013 $45,200, followed by $45,000.<\/p>\n
Major Resistance Levels \u2013 $46,200, $46,500 and $46,700.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is facing a strong resistance near $46,700 against the US Dollar. BTC is likely to nosedive if it continues to struggle above the $46,500 resistance. Bitcoin is still struggling to clear the $46,500 and $46,700 resistance levels. The price is now above the $45,000 zone and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $46,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must stay above the $45,000 support to avoid a major decline in the near term. Bitcoin Price Faces Hurdles Bitcoin price is still facing a strong barrier near the $46,500 and $46,700 resistance levels. BTC is currently consolidating well below the $46,700 resistance zone. Recently, there was a minor downside correction from the $46,699 high. The price traded below the $46,000 support level. There was a break below the 50% Fib retracement level of the upward move from the $44,714 swing low to $46,699 high. Besides, there was a break below a major bullish trend line with support near $46,000 on the hourly chart of the BTC\/USD pair. The pair is now above the $45,000 zone and the 100 hourly simple moving average. An immediate support on the downside is near the $45,450 level. The 61.8% Fib retracement level of the upward move from the $44,714 swing low to $46,699 high is also sitting near the $45,450 level. On the upside, an initial resistance is near the $46,200 level. Source: BTCUSD on TradingView.com The first key resistance is near the $46,500 level. The main resistance is now forming near the $46,700 level. A clear break above the $46,700 is must to start another increase. In the stated case, the price might easily rise towards the $47,500 level. The next major resistance is near the $48,000 level. Sharp Decline in BTC? If bitcoin fails to climb above the $46,200 and $46,500 resistance levels, it could continue to move down. An initial support on the downside is near the $45,450 level. The first major support is now near the $45,200 zone and the 100 hourly SMA. The main support could be $45,000. Therefore, a clear downside break below the $45,000 support zone could trigger a sharp decline. The next major support could be $43,200. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level. Major Support Levels \u2013 $45,200, followed by $45,000. Major Resistance Levels \u2013 $46,200, $46,500 and $46,700.<\/p>\n","protected":false},"author":67,"featured_media":461328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-469082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Bitcoin Consolidates, What Could Trigger A Sharp Downside Correction<\/title>\n<meta name=\"description\" content=\"Bitcoin price is facing a strong resistance near $46,700 against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Bitcoin Consolidates, What Could Trigger A Sharp Downside Correction","url":"http:\/\/wncen.com\/news\/bitcoin-consolidates-decline-45k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-consolidates-decline-45k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_638895124.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_638895124.jpg?fit=1000%2C574"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-08-12T03:08:39Z","datePublished":"2021-08-12T03:08:39Z","dateModified":"2024-06-11T13:57:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Consolidates, What Could Trigger A Sharp Downside Correction\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-consolidates-decline-45k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-consolidates-decline-45k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_638895124.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_638895124.jpg?fit=1000%2C574\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-08-12T03:08:39Z\",\"datePublished\":\"2021-08-12T03:08:39Z\",\"dateModified\":\"2024-06-11T13:57:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_638895124.jpg?fit=1000%2C574","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/469082"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=469082"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/469082\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/461328"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=469082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=469082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=469082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}