Bitcoin price started a decent rise above the $46,000 resistance level against the US Dollar. BTC is now back above $47,000, but it is facing hurdles near $47,600.
- Bitcoin started a steady rise above the $45,600 and $46,200 resistance levels.
- The price is now trading above $46,500 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $47,500 resistance area to continue higher in the near term.
bitcoin price starts anew
Bitcoin price held a good bid above the $45,000 level. As a result, BTC started a fresh rise above the $46,000 resistance area and the 100 hourly simple moving average.
The price broke the $46,200 and $46,500 resistance levels. There was also a break above a major bearish trend line with resistance near $46,000 on the hourly chart of the BTC/USD pair. The pair was able to climb above the $47,000 resistance area.
It is now facing resistance near the $47,500 area. A high is formed near $47,464 and bitcoin price is now consolidating gains. It is currently settled with the 23.6% Fib retracement level of the upward move from $43,374 low to $47,464 high.
Source: BTCUSD on TradingView.com
An immediate upside resistance is near the $47,400 level. The main resistance is now near the $47,500 area. To continue higher, bitcoin will have to clear the $47,500 resistance area. The next major resistance is near the $48,000 level, above which the price could rise towards the key $50,000 resistance area in the near term.
Supported Dips in BTC?
If bitcoin fails to clear the $47,500 resistance area, it could initiate a downside correction. On the downside, immediate support is near the $46,500 level. The first major support is near the $46,000 level.
The next major support seems to be forming near the $45,400 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the upward move from $43,374 low to $47,464 high.
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Key Support Level – $46,500, followed by $45,400.
Major resistance levels – $47,500, $48,000 and $49,200.