According to the Bitcoin analysis of April 1; Bitcoin failed to stay above the $46,000 support. BTC is now falling and it could test the $43,200 support zone, according to technical analysis by NewsBTC’s Aayush Jindal.
Bitcoin Drops Below Support
Bitcoin started a significant decline after struggling to stay above $46,500 and $46,400. There was a clear move below the 50% Fib retracement level of the upward wave from the $44,470 low to the $48,200 high. The bears managed to push the price below the $45,500 support and the 100 hourly simple moving average. Besides, there was a break below a key breakout pattern with support near $46,800 on the hourly chart of the BTC/USD pair. Bitcoin is currently trading below the 76.4% Fib retracement level of the move from the $44,470 low to $48,200 high.
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In the Bitcoin analysis of April 1, according to the analyst; An immediate support is near the $44,450 level. The next major support is seen near the $44,000 level. The main support is currently near the $43,320 level. This is close to the 1.236 Fib retracement level of the upward move from the $44,470 low to $48,200 high. A downside break below the $43,320 support zone could send the price towards $42,000 in the near term.
Will Bitcoin Rise?
Jindal says that if Bitcoin stays stable above the $44,450 support level, it could attempt an upside correction. An immediate resistance on the upside is near the $45,500 level. The next major resistance is near the $45,800 level. The most important hurdle is currently forming near the $46,350 level (the previous breakout zone), above which the price could rise nicely. In the stated case, it could test the $47,200 level and the 100 hourly simple moving average.
What Are Technical Indicators Saying?
- Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the oversold territory.
- Major Support Levels – $44,450 followed by $43,320
- Major Resistance Levels – $45,500, $45,800 and $46,350
Note: You have come to the end of the Bitcoin analysis of April 1. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.