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{"id":470578,"date":"2021-09-01T03:08:28","date_gmt":"2021-09-01T03:08:28","guid":{"rendered":"https:\/\/wncen.com\/?p=470578"},"modified":"2024-06-11T13:58:13","modified_gmt":"2024-06-11T13:58:13","slug":"bitcoin-holds-key-support-46500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-holds-key-support-46500\/","title":{"rendered":"TA: Bitcoin Holds Key Support, Why Technicals Suggest a Crucial Breakout Pattern"},"content":{"rendered":"

Bitcoin price is trading below the $48,000 resistance zone against the US Dollar. BTC could decline heavily if it fails to stay above the $46,500 support zone.<\/em><\/p>\n

\n
Bitcoin failed to surpass $48,250 and dropped back to $46,500.<\/li>\n
The price is now trading well below $48,000 and the 100 hourly simple moving average.<\/li>\n
There is a key bearish trend line forming with resistance near $47,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could accelerate further lower if there is a break below the $46,500 support zone.<\/li>\n<\/ul>\n
Bitcoin Price Tests Key Support<\/h2>\n
Bitcoin price attempted an upside break above the $48,000 resistance zone<\/a>. However, BTC remained below the 100 hourly simple moving average and topped near the $48,250 level.<\/p>\n
A high was formed near $48,245 and the price started another decline. It broke the $47,500 and $47,000 support levels. It traded close to the $46,500 support zone and a low is formed near $46,540. It is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $48,245 swing high to $46,540 low.<\/p>\n
Besides, bitcoin is now trading well below $48,000 and the 100 hourly simple moving average<\/a>. On the downside, there is a key support forming near the $46,500 zone.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
If there is a downside break below the $46,500 support zone, the price might accelerate lower. The next major support is near the $45,500 level, below which the price could revisit $45,000. Any more downsides may possibly set the pace for a larger decline towards $42,000.<\/p>\n
Fresh Increase In BTC?<\/h2>\n
If bitcoin stays above the $46,500 support zone, it could start a fresh increase. An immediate resistance on the upside is near the $47,200 level. The first major resistance is near the $47,400 level. It is close to the 50% Fib retracement level of the recent decline from the $48,245 swing high to $46,540 low.<\/p>\n
The main resistance is near the $48,000 level and the 100 hourly simple moving average. A clear break above the $48,000 level could clear the path for a decent increase in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is well below the 50 level.<\/p>\n
Major Support Levels \u2013 $46,500, followed by $45,000.<\/p>\n
Major Resistance Levels \u2013 $47,200, $47,400 and $48,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is trading below the $48,000 resistance zone against the US Dollar. BTC could decline heavily if it fails to stay above the $46,500 support zone. Bitcoin failed to surpass $48,250 and dropped back to $46,500. The price is now trading well below $48,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $47,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could accelerate further lower if there is a break below the $46,500 support zone. Bitcoin Price Tests Key Support Bitcoin price attempted an upside break above the $48,000 resistance zone. However, BTC remained below the 100 hourly simple moving average and topped near the $48,250 level. A high was formed near $48,245 and the price started another decline. It broke the $47,500 and $47,000 support levels. It traded close to the $46,500 support zone and a low is formed near $46,540. It is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $48,245 swing high to $46,540 low. Besides, bitcoin is now trading well below $48,000 and the 100 hourly simple moving average. On the downside, there is a key support forming near the $46,500 zone. Source: BTCUSD on TradingView.com If there is a downside break below the $46,500 support zone, the price might accelerate lower. The next major support is near the $45,500 level, below which the price could revisit $45,000. Any more downsides may possibly set the pace for a larger decline towards $42,000. Fresh Increase In BTC? If bitcoin stays above the $46,500 support zone, it could start a fresh increase. An immediate resistance on the upside is near the $47,200 level. The first major resistance is near the $47,400 level. It is close to the 50% Fib retracement level of the recent decline from the $48,245 swing high to $46,540 low. The main resistance is near the $48,000 level and the 100 hourly simple moving average. A clear break above the $48,000 level could clear the path for a decent increase in the near term. Technical indicators: Hourly MACD \u2013 The MACD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is well below the 50 level. Major Support Levels \u2013 $46,500, followed by $45,000. Major Resistance Levels \u2013 $47,200, $47,400 and $48,000.<\/p>\n","protected":false},"author":67,"featured_media":460635,"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-470578","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 Holds Key Support, Why Technicals Suggest a Crucial Breakout Pattern<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading below the $48,000 resistance zone 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 Holds Key Support, Why Technicals Suggest a Crucial Breakout Pattern","url":"http:\/\/wncen.com\/news\/bitcoin-holds-key-support-46500\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-holds-key-support-46500\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_587323760.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_587323760.jpg?fit=1000%2C745"},"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":"2021-09-01T03:08:28Z","datePublished":"2021-09-01T03:08:28Z","dateModified":"2024-06-11T13:58:13Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Holds Key Support, Why Technicals Suggest a Crucial Breakout Pattern\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-holds-key-support-46500\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-holds-key-support-46500\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_587323760.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_587323760.jpg?fit=1000%2C745\"},\"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\":\"2021-09-01T03:08:28Z\",\"datePublished\":\"2021-09-01T03:08:28Z\",\"dateModified\":\"2024-06-11T13:58:13Z\"}<\/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_587323760.jpg?fit=1000%2C745","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/470578","targetHints":{"allow":["GET"]}}],"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=470578"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/470578\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/460635"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=470578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=470578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=470578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}