Bitcoin price rose above the resistance level of $48,000. BTC tested $48,800 and is currently showing signs of a downward correction.
- Bitcoin price rose above the resistance levels of $46,500 and $48,000.
- The price is trading above $47,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trendline with support at $48,000.
- Unless the price closes below the $48,000 support, the pair may continue to rise.
Bitcoin price turns green
Bitcoin price began to rise significantly above the $45,500 resistance zone. BTC cleared several hurdles near the $46,000 and $47,200 levels to move further into positive territory.
The bulls gained strength and allowed the price to rise above the $48,000 resistance. Tested in the $48,800 zone. A new multi-week high was formed near $48,775 and the price is currently on an upward trend. There was a slight decline below the $48,500 level.
The price fell below the 23.6% Fib retracement level of the recent wave from the $46,602 low to the $48,775 high. Bitcoin price is currently trading above $47,500 and the 100-hour simple moving average.
There is also a major bullish trendline with support at $48,000 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $48,500 level. The next major resistance could be $48,800, above which the price could begin another significant rise.
Source: TradingView.com BTCUSD
The next stop for the bulls could possibly be $49,250. A clear break above the $49,250 resistance level could lead the price to move towards the $49,800 resistance level. The next resistance level could be near the $50,000 level.
Fixing BTC’s shortcomings?
If Bitcoin fails to rise above the $48,800 resistance zone, a downward correction could begin. Immediate support for the downside lies near the $48,000 level or trendline.
The first major support is at $47,650, with the 50% Fib retracement level of the recent wave falling from $46,602 to $48,775. The price could gain bearish momentum if it closes below $47,650. If stated, the price may plunge towards the $46,500 support.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now close to the 50 level.
Key support levels – $48,000, then $47,650.
Key resistance levels – $48,500, $48,800 and $50,000.
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