Bitcoin forms a double bottom pattern in the vicinity of the $45,500 area against the US Dollar. BTC is on the rise and could see an upside breakout above $47,000.
- Bitcoin began an upward correction at the $45,500 support area.
- The 100-hourly moving average is at approximately $47,000.
- On the hourly chart for the BTC/USD pair, there is a significant bearish trend line with resistance at $47,000 (data feed Kraken).
- A clear break above the $47,000 resistance could signal a big increase in the pair.
Bitcoin Prices Form Double Bottom
Bitcoin prices fell below $46,500 again. BTC fell below the $46,000 mark, but bulls remain active in the vicinity of the $45,500 support area.
Near $45,600 was the low point and now it is recovering more. There seems to be a double bottom formation of the price near $45,500. The price moved above the 23.6% Fib Retracement level for the downmove from $48,289 high to $45,600 lowest.
Bitcoin’s price currently trades at around $47,000. This is also close to its 100-hourly simple moving mean. It faces resistance in the vicinity of $47,000. A major bearish trendline is also visible on the hourly charts of BTC/USD pairs. It faces resistance around $47,000
Near the 50% Fib level, the trend line shows the decline from the $48,289 swing high and low to $45,600. Clear moves above the trendline could result in a significant move to $47,200.
Source: BTCUSD at TradingView.com
Next key resistance is $48,000. Above that, the price could climb towards $48,500. The price could rise to the $50,000 zone if the double bottom pattern holds true.
BTC Dips Limited
Bitcoin could begin a new decline if it fails to break the $47,000 resistance level. Near the $46,500 mark, there is immediate support to the downside.
The $46,200 level is the nearest major support. A break down below $46,200 could cause the price to move towards the $45,500 level, where bulls will likely remain active.
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Levels – $46,200, followed by $45,500.
Major Resistance Levels – $47,000, $48,000 and $50,000.