Bitcoin price began another rise above the $46,500 resistance level. BTC cleared the $47,800 resistance and surged to $48,000 before a downtrend took place.
- Bitcoin peaked near $49,000 and corrected its upward trend.
- The price is trading above $45,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trend line forming with support near $45,900.
- A break below the $45,600 support could start a new downtrend for the currency pair.
Bitcoin price faces rejection
Bitcoin price attempted a new rise above the $46,800 and $47,200 levels. BTC cleared the $48,000 resistance level and surged to $49,000. A new multi-week high was formed near $49,000 before the price pared all gains.
There was a sharp move below the $47,500 and $47,000 levels. The price even retested the $45,500 support area. A low was formed near $45,619 and the price is currently consolidating losses.
Bitcoin is trading above $45,500 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a major bullish trend line forming with support near $45,900. On the upside, immediate resistance is near the $46,400 level and the 23.6% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low.
The first major resistance is the 50% Fib retracement level at $47,300 or a downward move from the $49,000 swing high to the $45,619 low. A clear break above the $47,300 resistance level could lead the price to move towards the $48,200 resistance level.
Source: TradingView.com BTCUSD
The next resistance is currently forming near $49,000. The price could go higher once it passes the $49,000 level. The next major resistance level is $50,000.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $47,300 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $45,900 level and trend line.
The next major support is $45,500. A break below $45,500 could see the price gain bearish momentum. If indicated, the price may decline towards the $44,450 support level in the near future.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $45,900, then $45,500.
Key resistance levels – $47,300, $48,200 and $49,000.
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