Bitcoin price climbed higher above the USD 48,000 resistance. BTC tested $48,800 and is currently showing signs of a downside correction.
- Bitcoin price climbed higher above the USD 46,500 and USD 48,000 resistance levels.
- The price is trading above USD 47,500 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $48,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise unless there is a close below the $48,000 support.
Bitcoin price turns green
Bitcoin price started a major rise above the USD 45,500 resistance zone. BTC has overcome some obstacles near the USD 46,000 and USD 47,200 levels to move further into a positive zone.
The bulls gained strength and were able to pump the price above the USD 48,000 resistance. It tested the $48,800 zone. A new multi-week high was formed near $48,775 and the price is now consolidating gains. There was a small decline below the USD 48,500 level.
The price fell below the 23.6% Fib retracement level of the recent wave, from the $46,602 swing low to the $48,775 high. Bitcoin price is now trading above $47,500 and the 100 hourly Simple Moving Average.
A major bullish trendline is also forming with support at $48,000 on the hourly chart of the BTC/USD pair. The immediate resistance is near the $48,500 level. The next major resistance could be at USD 48,800, above which the price could stage another decent rise.
Source: BTCUSD on TradingView.com
The next stop for the bulls could be as high as $49,250. A clear move above the USD 49,250 resistance could send the price towards the USD 49,800 resistance. The next resistance could be near the USD 50,000 level.
Downward correction in BTC?
If Bitcoin fails to rise above the USD 48,800 resistance zone, a downward correction could occur. The immediate downside support is near the $48,000 level or the trendline.
The first major support is $47,650 and the 50% Fib retracement level of the recent wave from the $46,602 swing low to the $48,775 high. If there is a close below $47,650, the price may gain bearish momentum. In the said case, the price could dive towards the USD 46,500 support.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now approaching the 50 level.
Major support levels – USD 48,000, followed by USD 47,650.
Major resistance levels – $48,500, $48,800 and $50,000.
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