Crypto-Follow logo Crypto-Follow logo
NewsBTC 2022-04-01 03:08:50

TA: Bitcoin Breaks Key Support, Why BTC Could Extend Losses

Bitcoin failed to stay above the $46,000 support against the US Dollar. BTC is sliding and might even test the $43,200 support zone. Bitcoin is down over 4% and there was a move below the $46,000 support. The price is trading below $45,500 and the 100 hourly simple moving average. There was a break below a key breakout pattern with support near $46,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend decline and test the $43,200 support zone in the near term. Bitcoin Price Dips Below Support Bitcoin price started a key decline after it struggled to stay above $46,500 and $46,400. BTC declined below the $46,000 support to move into a short-term bearish zone. There was a clear move below the 50% Fib retracement level of the upward wave from the $44,470 swing low $48,200 high. The bears were able 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 now trading below the 76.4% Fib retracement level of the upward wave from the $44,470 swing low $48,200 high. Source: BTCUSD on TradingView.com An immediate support on the downside is near the $44,450 level. The next major support is seen near the $44,000 level. The main support now sits near the $43,320 level. It is near the 1.236 Fib extension level of the upward wave from the $44,4...

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer