{"id":469396,"date":"2021-08-17T03:08:44","date_gmt":"2021-08-17T03:08:44","guid":{"rendered":"https:\/\/wncen.com\/?p=469396"},"modified":"2024-06-11T10:38:34","modified_gmt":"2024-06-11T10:38:34","slug":"bitcoin-struggles-hold-key-support","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-struggles-hold-key-support\/","title":{"rendered":"TA: Bitcoin Struggles To Hold Key Support, What Could Trigger More Downsides"},"content":{"rendered":"<p><em>Bitcoin price failed to clear $48,000 and corrected lower against the US Dollar. BTC is likely to extend its decline if it breaks the $45,000 support zone.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh decline after it failed to clear the $48,000 resistance.<\/li>\n<li>The price is now trading below $47,000 and the 100 hourly simple moving average.<\/li>\n<li>There was a break below a key bullish trend line with support near $46,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to extend its decline if it fails to stay above the $45,000 support.<\/li>\n<\/ul>\n<h2>Bitcoin Price Corrects Lower<\/h2>\n<p>Bitcoin price made another attempt to clear the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-aims-50k\/\" target=\"_blank\" rel=\"noopener \">$48,000 resistance zone<\/a>. However, BTC struggled to gain strength, resulting in a bearish reaction below the $47,000 support zone.<\/p>\n<p>The price declined below the $46,500 support level and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-tops-above-46-5k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. There was also a break below a key bullish trend line with support near $46,400 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The pair spiked below the $45,500 support level, but it remained above $45,000. A low is formed near $45,288 and the price is now consolidating losses. It corrected above the $46,000 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $48,080 swing high to $45,288 low.<\/p>\n<p>On the upside, an immediate resistance is near the $46,500 level. The first key resistance is near the $46,750 level and the 100 hourly simple moving average.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-11.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-469397\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-11.png?resize=1828%2C867\" alt=\"Bitcoin Price\" width=\"1828\" height=\"867\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-11.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-11.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-11.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-11.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-11.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-11.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Bitcoin-11.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The 50% Fib retracement level of the recent decline from the $48,080 swing high to $45,288 low is also near the $46,685 level. If bitcoin clears the $46,700 and $47,000 resistance levels, it could revisit the $48,000 resistance zone in the near term.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin fails to climb above the $46,700 and $47,000 resistance levels, it could extend its decline. An initial support on the downside is near the $45,500 level.<\/p>\n<p>The first major support is now near the $45,200 zone. The main support is now forming near the $45,000 level. If the price fails to stay above the $45,000 support, it could move down towards the $43,200 support level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $45,200, followed by $45,000.<\/p>\n<p>Major Resistance Levels \u2013 $46,500, $46,700 and $47,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to clear $48,000 and corrected lower against the US Dollar. BTC is likely to extend its decline if it breaks the $45,000 support zone. Bitcoin started a fresh decline after it failed to clear the $48,000 resistance. The price is now trading below $47,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $46,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to extend its decline if it fails to stay above the $45,000 support. Bitcoin Price Corrects Lower Bitcoin price made another attempt to clear the $48,000 resistance zone. However, BTC struggled to gain strength, resulting in a bearish reaction below the $47,000 support zone. The price declined below the $46,500 support level and the 100 hourly simple moving average. There was also a break below a key bullish trend line with support near $46,400 on the hourly chart of the BTC\/USD pair. The pair spiked below the $45,500 support level, but it remained above $45,000. A low is formed near $45,288 and the price is now consolidating losses. It corrected above the $46,000 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $48,080 swing high to $45,288 low. On the upside, an immediate resistance is near the $46,500 level. The first key resistance is near the $46,750 level and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com The 50% Fib retracement level of the recent decline from the $48,080 swing high to $45,288 low is also near the $46,685 level. If bitcoin clears the $46,700 and $47,000 resistance levels, it could revisit the $48,000 resistance zone in the near term. More Losses in BTC? If bitcoin fails to climb above the $46,700 and $47,000 resistance levels, it could extend its decline. An initial support on the downside is near the $45,500 level. The first major support is now near the $45,200 zone. The main support is now forming near the $45,000 level. If the price fails to stay above the $45,000 support, it could move down towards the $43,200 support level. Technical indicators: Hourly MACD \u2013 The MACD is losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $45,200, followed by $45,000. Major Resistance Levels \u2013 $46,500, $46,700 and $47,000.<\/p>\n","protected":false},"author":67,"featured_media":464089,"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-469396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin Struggles To Hold Key Support, What Could Trigger More Downsides<\/title>\n<meta name=\"description\" content=\"Bitcoin price failed to clear $48,000 and corrected lower against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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 Struggles To Hold Key Support, What Could Trigger More Downsides","url":"http:\/\/wncen.com\/news\/bitcoin-struggles-hold-key-support\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-struggles-hold-key-support\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_271682210.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_271682210.jpg?fit=1000%2C651"},"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":"2021-08-17T03:08:44Z","datePublished":"2021-08-17T03:08:44Z","dateModified":"2024-06-11T10:38:34Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Struggles To Hold Key Support, What Could Trigger More Downsides\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-struggles-hold-key-support\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-struggles-hold-key-support\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_271682210.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_271682210.jpg?fit=1000%2C651\"},\"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\":\"2021-08-17T03:08:44Z\",\"datePublished\":\"2021-08-17T03:08:44Z\",\"dateModified\":\"2024-06-11T10:38:34Z\"}<\/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\/05\/shutterstock_271682210.jpg?fit=1000%2C651","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/469396"}],"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=469396"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/469396\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/464089"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=469396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=469396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=469396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}