Bitcoin has been consolidating under the $48,000 resistance zone against the US Dollar. BTC might start a fresh rally once it surpasses $48,000 resistance.
- Bitcoin has been stable at levels above $47,000 and $46,800.
- The price trades above $46,500.
- On the hourly chart for the BTC/USD pair, there is a breakout pattern with resistance close to $47,000. (Data feed from Kraken).
- A new rise could be possible if the pair can clear $48,000 of resistance.
Bitcoin price sees a fresh increase
After it crashed near $48,200, Bitcoin prices began a slight downturn. BTC fell below its $47.800 support level and corrected.
The move was below the 23.6% Fib Retracement level for the upward movement from $44,469 swing low to $48,200 high. Even though the price moved lower than $47,000, bulls were very active around the $46,800 to $46,500 levels.
Bitcoin currently trades above $46,500 as well as the 100-hourly simple moving mean. The upside is that the price faces resistance at the $47,000.
On the hourly chart, the BTC/USD pair shows a breakout pattern with resistance around $47,000. Next major resistance may be in the vicinity of $48,000. Strong increases could be possible if you can break above the triangle resistance.
Source: BTCUSD from TradingView.com
Near the $49,200 mark could be the next hurdle to the upside. Gains of any kind could push the price to the $49,200 level.
BTC Dips Limited
Bitcoin could fall further if it fails to break the $47,000.00 resistance zone. Near the $47,000 area, there is immediate support. Support is expected to be found near the $46,800 mark and the 100-hourly simple moving mean.
It is currently at $46,400. The Fib level is close to the 50% fib retracement of the upward movement from $44,469 swing low 48,000200 high. The price could fall below $46,400, which is the support zone for the next few months.
Technical indicators
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just above the 50 level.
Major Support Levels – $46,800, followed by $46,400.
Major Resistance Levels – $47,700, $48,000 and $48,200.