BTC Technical Analysis: Retest Phase Might Succumb Under $45K

Key technical points:

Past Performance of BTC

The demand surge from the support trendline drove the Bitcoin (BTC) prices higher above the $45 resistance zone. The bullish breakout of the $45K resistance demanded the retest resulting in the short-term triangle formation. The retest phase shows a lower price rejection with the long-tail formation near the 200-day EMA.

Source-Tradingview

BTC Technical Analysis 

Since last week, the BTC price remained trapped in a triangle pattern, trying to sustain above the $45K mark. However, long-tail formation reflects the upside breakout possibility as the buyers refuse to give in.

As the Bitcoin prices sustain above the 200-day EMA, the chances of 50 and 100-day EMA crossover increase. Moreover, the chances of EMA regaining the bullish alignment and increasing overall bullish attention.  

RSI Indicator: The RSI slope continues downside from rejection near the overbought boundary and breaks below the 14-day average line. The indicator reflects a bearish divergence as the RSI slope forms a lower low despite the price sustaining at $45K. 

MACD Indicator: The MACD and signal lines give a bearish crossover as the prices face rejection near the resistance trendline. Hence, the indicator lights a strong selling signal.

The BTC technical analysis underlines the bearish continuation possibility as the prices give a second retest of the $45K support zone.

Upcoming Trend 

BTC coin price faces an urge in selling pressure near the resistance trendline that may shortly result in a downfall below the $45K mark. However, traders must wait for a price action confirmation to avoid a bearish fakeout. 

Support Levels: $45K and $40K

Resistance Levels: $48K and $50K