Bitcoin worth began one other enhance above the $46,500 resistance. BTC cleared the $47,800 resistance and spiked towards $48,000 earlier than the bears appeared.
- Bitcoin topped close to the $49,000 degree and corrected beneficial properties.
- The worth is buying and selling above $45,500 and the 100 hourly Simple transferring common.
- There is a key bullish development line forming with help close to $45,900 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might begin a contemporary decline if there’s a transfer under the $45,600 help zone.
Bitcoin Price Faces Rejection
Bitcoin worth tried a fresh increase above the $46,800 and $47,200 ranges. BTC even cleared the $48,000 resistance and spiked towards $49,000. A brand new multi-week excessive was shaped close to $49,000 earlier than the worth trimmed all beneficial properties.
There was a pointy transfer under the $47,500 and $47,000 ranges. The worth even retested the $45,500 help zone. A low was shaped close to $45,619 and the worth is now consolidating losses.
Bitcoin is buying and selling above $45,500 and the 100 hourly Simple moving average. There can also be a key bullish development line forming with help close to $45,900 on the hourly chart of the BTC/USD pair. On the upside, fast resistance is close to the $46,400 degree and the 23.6% Fib retracement degree of the downward transfer from the $49,000 swing excessive to the $45,619 low.
The first main resistance is $47,300 or the 50% Fib retracement degree of the downward transfer from the $49,000 swing excessive to the $45,619 low. A transparent transfer above the $47,300 resistance might ship the worth towards the $48,200 resistance.
Source: BTCUSD on TradingView.com
The subsequent resistance is now forming close to the $49,000 degree. An in depth above the $49,000 degree might ship the worth additional larger. The subsequent main resistance sits at $50,000.
More Losses In BTC?
If Bitcoin fails to rise above the $47,300 resistance zone, it might begin a contemporary decline. Immediate help on the draw back is close to the $45,900 degree and the development line.
The subsequent main help is $45,500. If there’s a transfer under $45,500, the worth might acquire bearish momentum. In the said case, the worth might drop towards the $44,450 help within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 degree.
Major Support Levels – $45,900, adopted by $45,500.
Major Resistance Levels – $47,300, $48,200, and $49,000.
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