Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $42,000, $40,000, $38,000
Looking at the daily chart, it can be easily seen that the market is back in the red zone as BTC/USD is posting losses of 1.88% on the day after touching the daily high of $48,000. It begins today’s trading moving close to the 9-day moving average; although the world’s largest crypto faces a serious downtrend as it is currently trading at $46,738
The Bitcoin price plunges below $47,000 one more time, marking $45,496 as the current daily low at the moment. This could mean that Bitcoin (BTC) is likely to leave the significant $48,000 level and may begin to search for a new low. Looking at the declining daily volume candle, together with the steady movement below the 9-day and 21-day moving averages; it can be assumed that a serious bearish movement may be coming up soon into the market.
At the time of writing, BTC/USD is struggling to maintain the $47,000 level and if the Bitcoin Price follows the downward trend as the Relative Strength Index (14) faces the oversold region, the next supports may likely come at $42,000, $40,000, and $38,000. Therefore, by maintaining the current level of $46,738, any bullish movement could go above the 9-day and 21-day moving averages and send the Price to the resistance levels of $52,000, $54,000, and $56,000 which could later cross above the channel.
On the 4-Hour chart, BTC Price hovers below the 9-day and 21-day moving averages around $46,777 which may take time before crossing above the moving averages. In addition, if the bulls gather enough strength and regroup, the upward movement may be able to near the resistance level of $49,000 and above.
However, on the downside, immediate Support could be found around the $46,500 level while the main Support is at the $46,000 level. The Price may likely fall below this level if the bears move towards the lower boundary of the channel, a further movement could reach the critical Support at $45,000 and below. The Relative Strength Index (14) moves around 40-level, indicating an indecisive market movement.