Bitcoin recovers $ 45,000, why bulls stay in driver’s seat

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The price of Bitcoin has started a further rise above the resistance zone of $ 45,000 against the US dollar. BTC is expected to continue rising towards the $ 48,000 level in the near term.

Bitcoin found support near $ 42,800 and started a further rise above $ 44,000. The price is now trading above $ 45,000 and the 100 hour simple moving average. There was a break above a major downtrend line with resistance near $ 44,000 on the hourly chart of the BTC / USD pair (Kraken data feed). The pair is consolidating its gains and could accelerate above the $ 46,500 area. Bitcoin price regains strength

The price of Bitcoin has been corrected below the level of $ 43,500, similar to that of Ethereum. However, BTC remained well bid near $ 43,000 and $ 42,800. It traded at $ 42,855 and recently started a further rise.

There was a clear break above the $ 44,000 resistance zone. Additionally, there was a break above a major downtrend line with resistance near $ 44,000 on the hourly chart of the BTC / USD pair. The pair is now trading above $ 45,000 and the 100 hour simple moving average.

It even broke the resistance zone of $ 46,000. A high is forming at near $ 46,510 and bitcoin is now consolidating its gains. Immediate support is near the $ 45,650 level. It is near the 23.6% Fib retracement level of the recent wave, dropping from the low of $ 42,855 to $ 46,511.

Source: BTCUSD on TradingView.com

A bullish channel is also forming with support near $ 45,650 on the same chart. On the upside, initial resistance is near the $ 46,200 level. The first key resistance is near the $ 46,500 level.

A clear break above the resistance area of ​​$ 46,500 could trigger another rise. The next major resistance is near the $ 47,200 level. Any further gain could drive the price towards the $ 48,000 level.

Dips Limited in BTC?

If bitcoin fails to break above the resistance levels of $ 46,500 and $ 47,200, it could initiate a downward correction. Initial bearish support is near the $ 45,650 level.

The first major support is now near the $ 45,250 area. The next major support could be $ 44,680. It is near the 50% Fib retracement level of the recent wave, dropping from the low of $ 42,855 to $ 46,511.

Technical indicators:

Hourly MACD The MACD is slowly losing steam in the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC / USD is now above the 50 level.

Major support levels $ 45,650, followed by $ 44,680.

Major resistance levels $ 46,500, $ 47,200 and $ 48,000.

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