Bitcoin price is rapidly gaining above the USD 45,500 resistance. BTC tested USD 46,000 and could extend its rally towards the USD 48,000 resistance.
- Bitcoin price rose higher above the USD 44,500 and USD 45,000 resistance levels.
- The price is trading above $45,000 and the 100 hourly Simple Moving Average.
- A major connecting bullish trendline is forming with support at $45,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks the $46,000 resistance zone.
Bitcoin Price Rises 5%
Bitcoin price started a steady rise above the USD 43,500 resistance zone. BTC has overcome some obstacles near the USD 44,000 and USD 44,200 levels to move into a positive zone.
The bulls gained strength and were able to pump the price above the USD 45,000 resistance. It was trading close to the USD 46,000 level. A new multi-day high is formed near $45,955 and the price is showing signs of more gains in the near term.
Bitcoin is trading well above the 23.6% Fib retracement level of the recent rise from the $42,765 swing low to the $45,955 high. It is also trading above $45,000 and the 100 hourly Simple Moving Average.
Moreover, a major connecting bullish trendline is forming with support at $45,480 on the hourly chart of the BTC/USD pair. The immediate resistance is near the $46,000 level. The next major resistance could be at USD 46,200, 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 $46,850. A clear move above the USD 46,850 resistance could send the price towards the USD 47,500 resistance. The next resistance could be near the USD 48,000 level.
Downward correction in BTC?
If Bitcoin fails to rise above the $46,000 resistance zone, a downward correction could occur. The immediate downside support is near the $45,500 level or the trendline.
The first major support is $44,400 and the 50% Fib retracement level of the recent rise from the $42,765 swing low to the $45,955 high. If there is a close below $44,400, the price may gain bearish momentum. In the said case, the price could dive towards the $43,500 support.
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 45,500, followed by USD 44,400.
Major resistance levels – $46,000, $46,200 and $47,500.
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