Bitcoin price was able to clear the $44,500 and $44,700 resistance levels. BTC is up over 5% and may soon attempt a move towards $48,000.
- Bitcoin is gaining speed above the $45,500 resistance zone.
- The price is trading above $45,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a break above the main contraction triangle with resistance close to $44,000.
- Unless the pair closes below $44,000, it could continue to rise towards the $48,000 level.
Bitcoin price begins a new rise
Bitcoin price started a new rise above the $43,500 resistance zone. BTC gained bullish momentum above the $44,000 and $44,500 levels, moving into positive territory.
On the hourly chart of the BTC/USD pair, a breakout occurred above a major contraction triangle with resistance near $44,000. The bulls pushed the price to its highest in several days at $47,306 and the price is currently continuing its upward trend.
Bitcoin is currently trading above $45,000 and the 100-hour simple moving average. It is also above the 23.6% Fib retracement level of the rise from the $43,208 swing low to the $47,306 high.
Meanwhile, immediate resistance is close to the $47,000 level. The first major resistance is at $47,200. A clear break above the $47,200 resistance may lead the price to move towards the $48,000 resistance. The next resistance is now forming near the $48,800 level.
Source: TradingView.com BTCUSD
The price could go higher if it breaks above the $48,800 level. The next major resistance level is $49,250. Any further gains above the $49,250 level could open the door for a move towards the $50,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $47,200 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $46,400 level.
The next major support is near $45,900. A break below $45,900 could see the price gain bearish momentum. If indicated, the price may decline in the near term towards the $45,250 support or the 50% Fib retracement level rising from the $43,208 swing low to the $47,306 high.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $46,400, then $45,250.
Key resistance levels – $47,000, $47,200 and $48,000.
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