Bitcoin was stable at $46,000 above its support zone in relation to the US Dollar. BTC might see a steady rise if it moves above the 100 hourly SMA.
- Bitcoin’s base is growing above $46,400 and $46,000 levels.
- The price remains below $48,500 as well as the simple moving average of 100 hours.
- The hourly BTC/USD chart showed a breakout above the key bearish trendline with resistance at $47,200 (data feed Kraken).
- To see steady increases, both the couple must reach $49,200.
Bitcoin Base Price
Bitcoin prices fell towards $46,000 support. BTC appears to have formed a base at the higher levels of $46,000 and $46,400. Before the price began to recover, a low of $45,759 was established.
The resistance levels of $47.200 and $47.500 were breached. A break was also seen above the key bearish trendline with resistance at $47,200, on the hourly charts of BTC/USD. However, the price of the pair remains below $48,500 as well as the 100-hourly simple moving mean.
The $48,250 area and the 100 hourly SMA were areas of strong resistance for Bitcoin. Bitcoin struggled to stay below the 50% Fib level of the decline from the $45,759 high to the $50,785 swing low.
The $48,100 level is the immediate resistance. At the $48,250 area, there is the initial major resistance. It could become $48,800 the next major resistance. This is just below the 61.8% Fib Retracement Level of the downward movement from the $50.785 swing high at $45,759 lowest.
Source: BTCUSD from TradingView.com
Breaking above $48,800 could lead to more upsides. Near the $50,000 mark, the next major resistance. Above that price could gain momentum.
BTC Dips Limited
Bitcoin could begin a downtrend correction if it fails to break the $48,880 resistance level. The $47,500 level is an immediate support for the downside.
Near the $47,000 mark is the first significant support. At $46,000, the main support level is at hand. In the short term, a downside breakout below $46,000 could accelerate losses.
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Levels – $47,200, followed by $46,000.
Major Resistance Levels – $48,250, $48,800 and $50,000.