Bitcoin price continues to rise above the $45,000 resistance line. BTC appears poised for further gains above the $46,000 level in the near term.
- Bitcoin continued its upward trend, trading close to the $46,000 level.
- The price is trading above $45,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish flag forming with resistance near $45,300.
- With no corrective wave below $44,800, the pair could start a new increase.
Bitcoin price to watch for further gains
Bitcoin price began a new rise above the $44,000 and $44,500 resistance levels. BTC broke the $45,000 level and moved further into bullish territory.
A new multi-week high was formed near $45,900 and the price is currently on an upward trend. There was a slight downward correction at the $45,900 level. The price fell below the $45,500 level. It also tested the 23.6% Fib retracement level from the $41,300 swing low to the $45,900 high.
Bitcoin is currently trading above $45,000 and the 100-hour simple moving average. On the other hand, immediate resistance is near the $45,300 level. There is also a major bullish flag forming with resistance near $45,300 on the hourly chart of the BTC/USD pair.
Source: TradingView.com BTCUSD
The first major resistance is at $46,000. The price could go higher once it breaks above the $46,000 level. The next major resistance level is $46,800. Any further gains above the $46,800 level could open the door for a move towards the $48,000 level.
Are there more downsides to BTC?
If Bitcoin fails to rise above the $45,300 resistance zone, a downward correction could begin. Immediate support for the downside is near the $44,800 level.
The next major support is near $44,000. A move below $44,000 risks further losses. If indicated, the price may decline in the near term towards the $43,600 support or the 50% Fib retracement level of the rise from the $41,300 swing low to the $45,900 high.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $44,800, then $44,000.
Key resistance levels – $45,300, $46,000 and $46,800.
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