TA: Bitcoin Holds Key Support, What Could Trigger Strong Recovery

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,728,368,072	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

10,728,368,072

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.001247	1.03%	0.121875	0.121867	0.121884

Price Change

Price Change %

Current Price

Bid Price

Offer

0.001247

1.03%

0.121875

0.121867

0.121884

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.121884	0.120342	0.120628	0.120628	0.064588 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.121884

0.120342

0.120628

0.064588 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	09:24:47	71.85	0.121875	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

09:24:47

71.85

0.121875

USD

Price x Volume	Volume	Base Symbol	Related Pairs
46,609.74	384,386.02	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

46,609.74

384,386.02

TA: Bitcoin Holds Key Support, What Could Trigger Strong Recovery

05/01/2022 3:08am

NEWSBTC

Bitcoin is still well below the $48,000 resistance against the US Dollar. BTC remains at a risk of a sharp decline if it fails to stay above the $45,500 support zone. Bitcoin is trading in a bearish zone below the $48,000 resistance level. The price is trading below $47,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start a strong recovery wave if it stays above the $45,500 support zone. Bitcoin Price Eyes Recovery Bitcoin price attempted a fresh increase above the $47,000 level. However, BTC failed to clear the $47,500 level and started a fresh decline. There was a clear move below the $47,200 and $47,000 levels. The price even dived below the $46,000 support zone. Finally, the bulls defended the main $45,500 support zone. A low is formed near $45,548 and the price is now consolidating losses. Bitcoin is trading below $47,000 and the 100 hourly simple moving average. It recovered a few points above the 23.6% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low. An initial resistance is near the $46,500 level. It is near the 50% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low. The first major resistance on the upside is near the $47,000 level. There is also a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com A clear move above the $47,000 resistance zone and the trend line could start a strong recovery. The next major resistance is near the $48,000 level. More Losses In BTC? If bitcoin fails to recover above $46,500, it could continue to move down. An immediate support is near the $46,000 zone. The first major support is near $45,500. A downside break below the $45,500 level could push the price further lower. In the stated case, the price may possibly decline towards the $43,000 level in the coming sessions. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is near the 50 level. Major Support Levels – $46,000, followed by $45,500. Major Resistance Levels – $46,500, $47,000 and $47,500.

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