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NewsBTC 2021-08-17 03:08:44

TA: Bitcoin Struggles To Hold Key Support, What Could Trigger More Downsides

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: BTCU...

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TA: Bitcoin Struggles To Hold Key Support, What Could Trigger More Downsides

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