Bitcoin Corrects, Why Dips Could Be Limited Below $46K

Bitcoin failed to surpass the $48,000 resistance level against the US Dollar. BTC may be correcting its gains but might experience dips below $46,000.

  • Bitcoin prices rose to above $47,000. It traded as high at $48,200.
  • The price traded above $46,500, and the simple 100-hour moving average is at its highest.
  • The hourly chart for the USD/BTC pair shows a breakout pattern with support close to $46,300 (datafeed from Kraken).
  • A new rise could be possible if the pair stays above the $46,000 support level.

Bitcoin Price Remains Supported

Bitcoin’s price climbed above the $47,000.500 resistance zone. BTC broke even the $48,000 resistance and traded as high at $48,200.

Recently, the price fell below $48,200. Below the 23.6% Fib Retracement level, the price fell below $44,468 swing low of $48,200 high. The price is currently trading at above the 100 hourly simple average.

A key breakout pattern is also emerging with support close to $46,300 in the hourly charts of the BTC/USD currency pair. Surprisingly, resistance is near $47,600.

Bitcoin Price

Source: BTCUSD from TradingView.com

Near the $47.800 area and the triangle trendline could lie the next major resistance. If the triangle resistance is broken and the price closes above it, the price might rise towards $48,200. Next on the upside is the $49,000 threshold. Additional gains may push the price toward the $50,000 mark.

BTC Supported Dips

Bitcoin could fall further if it fails to break the $47 800 resistance zone. Near the $47,000 area, there is immediate support. Next is support at the $46,800 area. Key support now appears to be at the $46,400 and triangle trend lines. This is at the half-way Fib retracement of the upward swing from $44,468 swing low to $48,200 high.

A fall below the $46,300 resistance zone can send the price up to $46,000, and the 100 hourly SMA. In the short term, any further losses could put significant pressure on bulls.

Indicators technical

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.

Major Support Levels – $46,800, followed by $46,300.

Major Resistance Levels – $47,800, $48,000 and $48,200.

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