BTC Price Prediction: Support at $ 46,000

There are clear signs of a correction in the bitcoin market. The price of the first cryptocurrency plans to drop below $ 46,500. So far, Bitcoin has a bearish trend in the long term.

 

 

At the time of this writing, Bitcoin is trading below $ 47,000, and this figure has dropped below the lower border of the channel. But if the value of the cryptocurrency goes up, then Bitcoin will face strong resistance at the level of $ 50,000. After overcoming it, BTC will form an uptrend.

True, a bearish trend is more likely at this time. Bitcoin can drop in price up to $ 45,000 or more. If the downtrend prevails, the key support levels will be 40, 38 and 36 thousand dollars.

Otherwise, if the price closes above $ 46,000, Bitcoin may cross the 9-day and 21-day moving averages. This will be the beginning of a bullish trend and will send bitcoin to test the 55, 57 and 59 thousand levels. However, judging by the RSI, this is still unlikely. Rather, there will be new bearish momentum.

 

 

On the 4-hour BTC / USD chart, the cryptocurrency is near the bottom of the channel, heading towards $ 46,260. Therefore, BTC is still in a downtrend.

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