TA: Bitcoin Faces Hurdles, Why BTC Could Correct In Short-Term

Bitcoin price is facing a strong resistance above $46,500 against the US Dollar. BTC is slowly correcting lower and it might test the $44,500 support zone. Bitcoin made a few attempts to settle above $46,000, but it failed. The price is still trading above $45,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $45,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower towards $44,500 or even $44,000 in the near term. Bitcoin Price Could Correct Gains Bitcoin price traded as high as $46,546 before it faced sellers, similar to ethereum. BTC made a few attempts to settle above $46,000, but it failed. It is now correcting lower and trading below the $45,600 level. There was a break below the 23.6% Fib retracement level of the upward move from the $42,843 swing low to $46,546 high. Besides, there was a break below a key bullish trend line with support near $45,450 on the hourly chart of the BTC/USD pair. The pair is still trading above $45,000 and the 100 hourly simple moving average. An immediate support on the downside is near the $45,000 level. Source: BTCUSD on TradingView.com On the upside, an initial resistance is near the $46,000 level. The first key resistance is near the $46,200 level. The main resistance is now forming near the $46,500 level. A clear break above the $46,500 resistance zone might start a decent increase...