The Bitcoin(BTC) price witnessed high volatility last week, restricting the coin movement between the $48160 and $45000 levels. However, the bear wrestled control from bulls during the consolidation and gave a strong breakdown from the bottom support($45000). Following a retest phase, the BTC price may continue to fall.
Key points:
- The post-retest fall could tumble the BTC price by 9%
- The 50-day EMA acts as a strong support line
- The intraday trading volume in the Bitcoin is $24.2 Billion, indicating a 32.6% lost
Source- Tradingview
Last quarter Bitcoin(BTC) price spent its accumulation phase inside an ascending triangle pattern. The $45000 neckline acted as a crucial resistance that reverted several breakout attempts over the last three months.
However, on March 27th, the coin price gave a decisive breakout from the overhead resistance, suggesting the buyers were ready to rally higher. Furthermore, the BTC price spent more than a week trying to sustain above the $45000 mark, but it couldn’t surpass the $48160 mark.
The sellers took advantage of the market volatility and pulled the coin price below $45000 support on April 6th. Now, the traders can expect a bearish retest for the old $45000 resistance before the altcoin continues to drop lower.
Anyhow, the price pattern’s support trendline remains intact, which could renew the bullish momentum.
- Resistance level- $48150, $5200
- Support level- $36400, $36400
Technical indicator-
Along with $45000 support, the BTC price breached the 20-and-200 EMA. These EMAs lines could assist sellers in restricting the coin price below the breached support.
On March 29th, the RSI slope tagged the overbought neckline at 70%. However, the buyers started to lose momentum right from the consolidation period, and amid the minor correction rally, the indicator dropped below midline(50).
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/bitcoin-price-prediction-btc-lost-its-45000-support-what-next/