Bitcoin has been steadily increasing in value against the US dollar, surpassing $46,500. To move in the positive direction, BTC needs to clear $47,000.
- Bitcoin has been slowly climbing above $46,500 resistance.
- The price traded above $46,200, and the simple 100-hour moving average.
- On the hourly chart for the BTC/USD pair, there is a significant bearish trendline with resistance close to $46,700 (datafeed from Kraken).
- If the pair moves above $47,000, it could begin a significant increase.
Bitcoin price eye-upside break
Bitcoin’s price continued its decline and reached the $45,150 mark. BTC established a new base at $45,150, and then began a sharp increase. A break occurred above $45,500, $45,800 and $55,800 levels.
It was able climb to the top of 50% Fib Retracement levels, which is the level at which the price reflected the decline in value from $47.444 swing lows to $45,153 highs. The price is currently trading at $46,200, which also includes the simple 100-hour moving average. The upside is that the immediate resistance level near $46,700 will be met.
A major bearish trendline is also forming, with resistance close to $46,700 in the hourly charts of the BTC/USD currency pair. Near $47,000 could serve as the next resistance or at the 76.4% Fib level of the decline from $47,444 swing high to $45,153 low.
Source: BTCUSD from TradingView.com
The price could rise to $47,000 if it moves above that level. The price could rise to $48,000 in this scenario. Price gains could push the price to the $50,000 threshold. The $49250 mark could represent an intermediate resistance.
Are There Any Upsides in Bitcoin?
It could begin a new decline if bitcoin does not clear the $47,000 resistance area. Support for bitcoin is located near $46,200, the 100 hourly simple moving mean and the $46,000 resistance zone.
Near the $45,800 mark is the next significant support. At $45,150, the main support is now. A major drop below the $45,150 support level could be the beginning of a downside breakout. If the above scenario is true, then the price of the stock could fall as low as $44,000 within the next few months.
Indicators technical
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $46,200, followed by $45,150.
Major Resistance Levels – $47,000, $48,000 and $50,000.
