Bitcoin price started to rise again above the USD 46,500 resistance. BTC managed to overcome the USD 47,800 resistance and spiked towards USD 48,000 before the bears appeared.
- Bitcoin topped out near the $49,000 level and corrected gains.
- The price is trading above $45,500 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $45,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new decline if a move occurs below the $45,600 support zone.
Bitcoin price is rejected
Bitcoin price tried to rise again above the USD 46,800 and USD 47,200 levels. BTC even managed to overcome the USD 48,000 resistance and peaked towards USD 49,000. A new multi-week high formed around $49,000 before the price erased all gains.
There was a sharp move below the USD 47,500 and USD 47,000 levels. The price even retested the $45,500 support zone. A low was formed near USD 45,619 and the price is now consolidating losses.
Bitcoin is trading above $45,500 and the 100 hourly Simple Moving Average. A major bullish trendline is also forming with support near $45,900 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $46,400 level and the 23.6% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low.
The first major resistance is $47,300 or the 50% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low. A clear move above the USD 47,300 resistance could send the price towards the USD 48,200 resistance.
Source: BTCUSD on TradingView.com
The next resistance is now forming around the $49,000 level. A close above the USD 49,000 level could send the price rising further. The next major resistance is at $50,000.
Lose more in BTC?
If Bitcoin fails to rise above the USD 47,300 resistance zone, it could start a new decline. The immediate downside support is near the $45,900 level and the trendline.
The next major support is $45,500. If a move occurs below $45,500, the price could gain bearish momentum. In the mentioned case, the price could fall towards the support at $44,450 in the short term.
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 below the 50 level.
Major support levels – USD 45,900, followed by USD 45,500.
Major resistance levels – $47,300, $48,200 and $49,000.
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