The price of Bitcoin started a decent rise above the $ 46,000 resistance against the US dollar. BTC is now back above $ 47,000, but it faces hurdles close to $ 47,600.
- Bitcoin started a steady rise above the resistance levels of $ 45,600 and $ 46,200.
- The price is now trading above $ 46,500 and the 100 hour simple moving average.
- There was a break above a key downtrend line with resistance near $ 46,000 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair needs to break through the resistance zone of $ 47,500 to continue rising in the near term.
Bitcoin price begins to rise again
The price of Bitcoin has remained well above the $ 45,000 level. As a result, BTC started a further rise above the $ 46,000 resistance zone and the 100 hour simple moving average.
The price broke through the resistance levels of $ 46,200 and $ 46,500. There was also a break above a key downtrend line with resistance near $ 46,000 on the hourly chart of the BTC / USD pair. The pair was able to climb above the resistance zone of $ 47,000.
It is now facing resistance near the $ 47,500 area. A high is forming at near $ 47,464 and the price of bitcoin is now consolidating its gains. It is currently well above the 23.6% Fib retracement level of the move up from the $ 43,374 low to $ 47,464.
Source: BTCUSD on TradingView.com
Immediate upside resistance is near the $ 47,400 level. The main resistance is now near the $ 47,500 area. To continue higher, bitcoin must break through the resistance of $ 47,500. The next major resistance is near the $ 48,000 level, above which the price may rise to the key near-term $ 50,000 resistance.
Dips supported in BTC?
If bitcoin fails to clear the $ 47,500 resistance zone, it could start a downward correction. Immediate downside support is near the $ 46,500 level. The first major support is near the $ 46,000 level.
The next key support appears to be forming near the $ 45,400 level and the 100 hour simple moving average. It is near the 50% Fib retracement level of the bullish 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.
Major Support Levels – $ 46,500, followed by $ 45,400.
Major Resistance Levels – $ 47,500, $ 48,000 and $ 49,200.