Bitcoin price climbed higher above the $48,000 resistance. BTC tested $48,800 and is currently showing signs of a downside correction.
- Bitcoin price climbed higher above the $46,500 and $48,000 resistance levels.
- The price is trading above $47,500 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $48,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move up unless there is a close below the $48,000 support.
Bitcoin Price Turns Green
Bitcoin price started a major increase above the $45,500 resistance zone. BTC cleared a few hurdles near the $46,000 and $47,200 levels to move further into a positive zone.
The bulls gained strength and were able to pump the price above the $48,000 resistance. It tested the $48,800 zone. A new multi-week high was formed near $48,775 and the price is now consolidating gains. There was a minor decline below the $48,500 level.
The price dipped below the 23.6% Fib retracement level of the recent wave from the $46,602 swing low to the $48,775 high. Bitcoin price is now trading above $47,500 and the 100 hourly Simple moving average.
There is also a key bullish trend line forming with support at $48,000 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $48,500 level. The next key resistance could be $48,800, above which the price could start another decent increase.
Source: BTCUSD on TradingView.com
The next stop for the bulls may perhaps be $49,250. A clear move above the $49,250 resistance could send the price toward the $49,800 resistance. The next resistance could be near the $50,000 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $48,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $48,000 level or the trend line.
The first major support is $47,650 and the 50% Fib retracement level of the recent wave from the $46,602 swing low to the $48,775 high. If there is a close below $47,650, the price could gain bearish momentum. In the stated case, the price could dive toward the $46,500 support.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $48,000, followed by $47,650.
Major Resistance Levels – $48,500, $48,800, and $50,000.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
No comments:
Post a Comment