Bitcoin saw a new increase in price above $45,000 against the US Dollar. BTC has even crossed $47,000, and it is showing encouraging signs.
- Bitcoin began a new rise after breaking through the $45,000 resistance area.
- The price trades above $45,500.
- A major bullish trend line is emerging with support at $45,200 (data feed Kraken).
- This pair may continue rising and could even surpass the $48,000 resistance.
Bitcoin Price Rallies 5%
BTC price established a support base at $43,500. BTC experienced a new increase, and it was able clear the $45,000 key resistance level.
The price soared above $46,000500, opening up more opportunities. Even higher than $47,000, the price settled well above the simple 100-hour moving average. Price reached an all-time high near $47.561, and is consolidating these gains.
Bitcoin reached the 23.6% Fib level of the rally that took it from $44,468 swing low, to $47.561 high. A major bullish trend line is also forming, with support at $45,200 in the hourly chart for the BTC/USD pair.
Surprisingly, resistance is near the $47.200 mark. Next major resistance may be in the $47.500 area. Another increase could be possible if the price breaks above $47,600. If the case is true, then the price may even break the $48,000 resistance.
Source: BTCUSD at TradingView.com
Near the $49,200 mark could be the next significant resistance. Gains above the $49,200 level could lead to a push towards the $50,000 mark.
BTC Dips
It could initiate a downward correction if bitcoin does not clear the $47,000.00 resistance zone. Near the $46,800 support zone, there is immediate support for the downside.
Near the $46,350 mark is where you will find the next significant support. Support is located near $46,000 or at the 50% Fib level. This level represents the retracement of the rally that took place from $44,468 low to $47561 high. If the downside breaks below $46,000, it could lead to a fall towards $45,0s00.
Indicators technical
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.
Major Support Levels – $46,000, followed by $45,000.
Major Resistance Levels – $47,200, $47,500 and $50,000.