#Bitcoin ($BTC) could not find enough buyer volume to break the resistance in the $ 46,700 band yesterday and returned to the $ 45,000 levels with the increase in sales pressure.
Bitcoin (BTC) has been closing the day negative for the last 2 days, albeit with a low rate. It is noteworthy that the selling trend continues in Asian trading hours. BTC/USDT has lost some momentum as the uptrend has reached a key resistance point.
BTC/USDT 3-hour chart
As seen on the 3-hour chart, it has been struggling to surpass the long-term correction level Fib 0.50 (46,795) in the $46,700 average band since August 10. While this causes stress on the pair, sales are concentrated in this area.
Sales from the $46,000 band are met at $45,000. In this case, the psychological level of $45,000 is an important support for today. #BTC/USDT, which started the day with a seller, is hanging below the 8 and 21 EMA values in the 3-hours view. In addition, 8 EMA-21 EMA reversals may cause #Bitcoin to regress to the $42,700-$800 band.
The $42,700 – $800 range can be followed as an important support area as the price range where the 89-EMA and fib 0.382 values coincide.
Stochastic RSI has turned its direction to the south due to the fact that the course has been flat with a slight downward slope for the last day. This could signal a continuation of the bearish move in the short term. The CMF indicator is trending upwards although it remains in negative territory in the short term.
In summary, a 3-hour candle that may form below $45,000 in the lower region may trigger further declines.
On the upside, hourly candle formations above the $45,500 – $600 band can be interpreted as the uptrend may continue. After this first resistance area is passed, the more important resistance area will be $ 46,700 as we mentioned above. A daily close above this price could possibly move BTC/USDT to the $50,000 band. However, the current outlook is bearish and there is no signal yet for the continuation of the uptrend.
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