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The price of Bitcoin is consolidating above the $ 46,000 area against the US dollar. BTC has to shell out $ 47,500 and $ 48,000 to start a steady, short-term increase.
Bitcoin is facing major resistance near the $ 47,500 and $ 48,000 levels. The price is still trading well below $ 48,000 and the 100 hour simple moving average. There was a break above a downtrend line with resistance near $ 46,200 on the hourly chart of the BTC / USD pair (Kraken data feed). The pair could start a decent rise if there is a close above the resistance area of $ 48,000. Bitcoin price targets recovery
The price of Bitcoin has remained stable above the support area of $ 46,000. It looks like BTC is trading in a range above the $ 46,000 support area and below the $ 47,500 resistance.
Recently there was a break above a downtrend line with resistance near $ 46,200 on the hourly chart of the BTC / USD pair. The latest high formed near $ 47,399 before price began to correct lower. There was a break below the $ 47,000 area.
The price fell below the 23.6% Fib retracement level of the recent increase from the low of $ 44,444 to $ 47,399. The Bulls are now protecting the $ 46,000 support area.
Source: BTCUSD on TradingView.com
However, the price is still trading well below $ 48,000 and the 100 hour simple moving average. Immediate upside resistance is near the $ 47,000 level. The first major resistance is near the $ 47,500 level. The main hurdle is still near the $ 48,000 level. A close above the $ 48,000 level could initiate a decent increase in the near term.
More losses in BTC?
If bitcoin fails to break through the $ 48,000 resistance zone, it could resume its decline. Immediate downside support is near the $ 46,200 level.
The first major support is near the $ 45,900 level. It is near the 50% Fib retracement level of the recent increase, dropping from the low of $ 44,444 to $ 47,399. Major support appears to be forming near the $ 45,500 level. If there is a breakout to the downside below the $ 45,500 support area, the price could extend its decline towards $ 44,000.
Technical indicators:
Hourly MACD The MACD is slowly accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) RSI for BTC / USD is now back above the 50 level.
Major support levels $ 46,200, followed by $ 45,500.
Major resistance levels $ 47,000, $ 47,500 and $ 48,000.
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Sources 2/ https://www.newsbtc.com/analysis/btc/ta-bitcoin-stable-above-46k-why-48k-holds-the-key-in-near-term/ The mention sources can contact us to remove/changing this article |
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