Bitcoin Plunges Below Key Support!
Bitcoin declined sharply below the $45,500 support against the US Dollar. BTC could recover, but upsides might be limited above $45,000.
Bitcoin gained pace below the key $45,500 support zone.
The price is trading below $45,000 and the 100 hourly simple moving average.
There is a crucial bearish trend line forming with resistance near $46,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start recovery, but the bears might remain active near the $45,000 zone.
Bitcoin price failed to clear the $47,500 resistance zone and started a major decline. BTC declined heavily below the $46,000 and $45,00 levels.
The bears even pushed the price below the $43,500 level. A low is formed near $42,505 and the price is now consolidating losses. It is trading near the $43,500 level. It is facing resistance near the 23.6% Fib retracement level of the key decline from the $47,066 swing high to $42,505 low.
Bitcoin is trading below $45,000 and the 100 hourly simple moving average. An initial resistance is near the $44,000 level. The first major resistance on the upside is near the $44,800 level.