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Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up WikiBit 2021-12-20 15:32

Bitcoin failed to clear the $48,500 resistance zone against the US Dollar. BTC is sliding, but it could find bids near the $45,500 support zone.

Bitcoin Price Faces Resistance Near $48,500

Bitcoin price started a recovery wave above the $46,500 resistance zone. BTC surpassed the $48,000 level, but it failed to gain strength above the $48,200 level.

A high was formed near $48,289 and the price is now correcting lower. It traded below the 50% Fib retracement level of the upward move from the $45,520 swing low to $48,289 high. Bitcoin price is now trading below $48,000 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $47,000 level. The first major resistance is near the $47,200 level and the 100 hourly SMA. There is also a major bearish trend line forming with resistance near $47,200 on the hourly chart of the BTC/USD pair.

The next key resistance could be $47,500, above which the price might rise towards the $48,500 resistance. To continue higher, the price must gain strength for a move above the $48,500 level in the near term.

Dips Limited In BTC?

If bitcoin fails to clear the $47,500 resistance zone, it could extend decline. An immediate support on the downside is near the $46,500 level.

The 61.8% Fib retracement level of the upward move from the $45,520 swing low to $48,289 high is also near the $46,500 level. A downside break below the $46,500 level could push the price towards the $45,500 support. The next major support is near $45,000, below which there is a risk of a sharp decline towards the $43,200 level.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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