Bitcoin price was able to break the USD 44,500 and USD 44,700 resistance levels. BTC is up over 5% and could soon attempt to head towards $48,000.
- Bitcoin is gaining pace above the USD 45,500 resistance zone.
- The price is trading above $45,000 and the 100 hourly Simple Moving Average.
- There was a break above a key contracting triangle with resistance near $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise towards the $48,000 level unless there is a close below $44,000.
Bitcoin price starts to rise again
Bitcoin price started a new rise above the USD 43,500 resistance zone. BTC gained bullish momentum above the $44,000 and $44,500 levels to move into a positive zone.
There was a break above a key contracting triangle with resistance near $44,000 on the hourly chart of the BTC/USD pair. The bulls pumped the price to a new multi-day high at $47,306 and the price is now consolidating gains.
Bitcoin is now trading above $45,000 and the 100 hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the upward move from the $43,208 swing low to the $47,306 high.
On the upside, immediate resistance is around the $47,000 level. The first major resistance is $47,200. A clear move above the USD 47,200 resistance could send the price towards the USD 48,000 resistance. The next resistance is now forming near the $48,800 level.
Source: BTCUSD on TradingView.com
A close above the USD 48,800 level could send the price further higher. The next major resistance is at $49,250. Any further gains above the $49,250 level could open the doors for a move towards the $50,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 47,200 resistance zone, it could start a new decline. The immediate downside support is near the $46,400 level.
The next major support is near $45,900. If a move occurs below $45,900, the price could gain bearish momentum. In the mentioned case, the price could fall towards the $45,250 support or the 50% Fib retracement level of the upward move from the $43,208 swing low to the $47,306 high in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 46,400, followed by USD 45,250.
Major resistance levels – $47,000, $47,200 and $48,000.
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