Bitcoin price started a decent increase above the $46,000 resistance against the US Dollar. BTC is now back above $47,000, but it is facing hurdles near $47,600.
- Bitcoin started a steady increase above the $45,600 and $46,200 resistance levels.
- The price is now trading above $46,500 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $47,500 resistance zone to continue higher in the near term.
Bitcoin Price Starts Fresh Increase
Bitcoin price remained well bid above the $45,000 level. As a result, BTC started a fresh increase above the $46,000 resistance zone and the 100 hourly simple moving average.
The price broke the $46,200 and $46,500 resistance levels. There was also a break above a key bearish trend line with resistance near $46,000 on the hourly chart of the BTC/USD pair. The pair was able to climb above the $47,000 resistance zone.
It is now facing resistance near the $47,500 zone. A high is formed near $47,464 and bitcoin price is now consolidating gains. It is currently well above the 23.6% Fib retracement level of the upward move from the $43,374 swing low to $47,464 high.
Source: BTCUSD on TradingView.com
An immediate resistance on the upside is near the $47,400 level. The main resistance is now near the $47,500 zone. To continue higher, bitcoin must clear the $47,500 resistance. The next major resistance is near the $48,000 level, above which the price could rise towards the key $50,000 resistance in the near term.
Dips Supported In BTC?
If bitcoin fails to clear the $47,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $46,500 level. The first major support is near the $46,000 level.
The next key support seems to be forming near the $45,400 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $43,374 swing low to $47,464 high.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $46,500, followed by $45,400.
Major Resistance Levels – $47,500, $48,000 and $49,200.
