{"id":480347,"date":"2022-01-05T03:08:48","date_gmt":"2022-01-05T03:08:48","guid":{"rendered":"https:\/\/wncen.com\/?p=480347"},"modified":"2024-06-11T14:10:22","modified_gmt":"2024-06-11T14:10:22","slug":"ta-bitcoin-holds-key-support-what-could-trigger-strong-recovery","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ta-bitcoin-holds-key-support-what-could-trigger-strong-recovery\/","title":{"rendered":"TA: Bitcoin Holds Key Support, What Could Trigger Strong Recovery"},"content":{"rendered":"<p><em>Bitcoin is still well below the $48,000 resistance against the US Dollar. BTC remains at a risk of a sharp decline if it fails to stay above the $45,500 support zone.<\/em><\/p>\n<ul>\n<li>Bitcoin is trading in a bearish zone below the $48,000 resistance level.<\/li>\n<li>The price is trading below $47,000 and the 100 hourly simple moving average.<\/li>\n<li>There is a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair might start a strong recovery wave if it stays above the $45,500 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Eyes Recovery<\/h2>\n<p>Bitcoin price attempted a fresh increase above the $47,000 level. However, BTC failed to clear the $47,500 level and started a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-turns-lower-46k\/\" target=\"_blank\" rel=\"noopener \">fresh decline<\/a>.<\/p>\n<p>There was a clear move below the $47,200 and $47,000 levels. The price even dived below the $46,000 support zone. Finally, the bulls defended the main $45,500 support zone. A low is formed near $45,548 and the price is now consolidating losses.<\/p>\n<p>Bitcoin is trading below $47,000 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-consolidates-below-48k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. It recovered a few points above the 23.6% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low.<\/p>\n<p>An initial resistance is near the $46,500 level. It is near the 50% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low. The first major resistance on the upside is near the $47,000 level. There is also a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-2.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-480348\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-2.png?resize=1950%2C1113\" alt=\"Bitcoin Price\" width=\"1950\" height=\"1113\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-2.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-2.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-2.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-2.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-2.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-2.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/Bitcoin-2.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>A clear move above the $47,000 resistance zone and the trend line could start a strong recovery. The next major resistance is near the $48,000 level.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If bitcoin fails to recover above $46,500, it could continue to move down. An immediate support is near the $46,000 zone. The first major support is near $45,500.<\/p>\n<p>A downside break below the $45,500 level could push the price further lower. In the stated case, the price may possibly decline towards the $43,000 level in the coming sessions.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is near the 50 level.<\/p>\n<p>Major Support Levels \u2013 $46,000, followed by $45,500.<\/p>\n<p>Major Resistance Levels \u2013 $46,500, $47,000 and $47,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is still well below the $48,000 resistance against the US Dollar. BTC remains at a risk of a sharp decline if it fails to stay above the $45,500 support zone. Bitcoin is trading in a bearish zone below the $48,000 resistance level. The price is trading below $47,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might start a strong recovery wave if it stays above the $45,500 support zone. Bitcoin Price Eyes Recovery Bitcoin price attempted a fresh increase above the $47,000 level. However, BTC failed to clear the $47,500 level and started a fresh decline. There was a clear move below the $47,200 and $47,000 levels. The price even dived below the $46,000 support zone. Finally, the bulls defended the main $45,500 support zone. A low is formed near $45,548 and the price is now consolidating losses. Bitcoin is trading below $47,000 and the 100 hourly simple moving average. It recovered a few points above the 23.6% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low. An initial resistance is near the $46,500 level. It is near the 50% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low. The first major resistance on the upside is near the $47,000 level. There is also a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com A clear move above the $47,000 resistance zone and the trend line could start a strong recovery. The next major resistance is near the $48,000 level. More Losses In BTC? If bitcoin fails to recover above $46,500, it could continue to move down. An immediate support is near the $46,000 zone. The first major support is near $45,500. A downside break below the $45,500 level could push the price further lower. In the stated case, the price may possibly decline towards the $43,000 level in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is near the 50 level. Major Support Levels \u2013 $46,000, followed by $45,500. Major Resistance Levels \u2013 $46,500, $47,000 and $47,500.<\/p>\n","protected":false},"author":67,"featured_media":461913,"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-480347","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 Holds Key Support, What Could Trigger Strong Recovery<\/title>\n<meta name=\"description\" content=\"Bitcoin is still well below the $48,000 resistance against the US Dollar. 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