Bitcoin price found support near $47,150 and started a fresh increase against the US Dollar. BTC must settle above the 100 hourly SMA to continue higher.
- Bitcoin extended its decline and tested the $47,200 support zone.
- The price is now trading near $48,800 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $48,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its increase if there is a clear break above $49,200 and the 100 hourly SMA.
Bitcoin Price Regains Strength
Bitcoin price started a steady decline below the $48,000 support. BTC even extended its decline below $47,500, but the bulls were active near $47,200.
A low was formed near $47,165 and the price started a fresh increase. It broke the $48,000 and $48,500 resistance levels. There was a break above the 50% Fib retracement level of the downward move from the $50,520 swing high to $47,165 low.
Besides, there was a break above a key bearish trend line with resistance near $48,850 on the hourly chart of the BTC/USD pair. The pair even tested the $49,200 resistance zone.
Bitcoin is now trading near $48,800 and the 100 hourly simple moving average. The first major resistance is near the $49,200 level. It is close to the 61.8% Fib retracement level of the downward move from the $50,520 swing high to $47,165 low.
Source: BTCUSD on TradingView.com
A clear break above the $49,200 resistance and a close above the 100 hourly SMA could open the doors for a steady increase. The next major stop for the bulls could be $50,000.
Fresh Decline in BTC?
If bitcoin fails to climb above the $49,200 resistance, it could start a fresh increase. On the downside, an immediate support is near the $48,500 level.
The first key support is near the $48,000 level. If there is a downside break below the $48,000 level, the price could continue to move down. The next major support is near the $47,200 level. Any more losses could open the doors for a move towards the $46,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $48,500, followed by $48,000.
Major Resistance Levels – $49,000, $49,200 and $50,000.
Bitcoin worth discovered assist close to $47,150 and began a recent enhance towards the US Greenback. BTC should settle above the 100 hourly SMA to proceed increased.
- Bitcoin prolonged its decline and examined the $47,200 assist zone.
- The worth is now buying and selling close to $48,800 and the 100 hourly easy shifting common.
- There was a break above a key bearish pattern line with resistance close to $48,850 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may prolong its enhance if there’s a clear break above $49,200 and the 100 hourly SMA.
Bitcoin Worth Regains Energy
Bitcoin worth began a gradual decline under the $48,000 assist. BTC even prolonged its decline under $47,500, however the bulls have been lively close to $47,200.
A low was shaped close to $47,165 and the value began a recent enhance. It broke the $48,000 and $48,500 resistance ranges. There was a break above the 50% Fib retracement stage of the downward transfer from the $50,520 swing excessive to $47,165 low.
In addition to, there was a break above a key bearish pattern line with resistance close to $48,850 on the hourly chart of the BTC/USD pair. The pair even examined the $49,200 resistance zone.
Bitcoin is now buying and selling close to $48,800 and the 100 hourly easy shifting common. The primary main resistance is close to the $49,200 stage. It’s near the 61.8% Fib retracement stage of the downward transfer from the $50,520 swing excessive to $47,165 low.
Supply: BTCUSD on TradingView.com
A transparent break above the $49,200 resistance and an in depth above the 100 hourly SMA may open the doorways for a gradual enhance. The following main cease for the bulls might be $50,000.
Contemporary Decline in BTC?
If bitcoin fails to climb above the $49,200 resistance, it may begin a recent enhance. On the draw back, a direct assist is close to the $48,500 stage.
The primary key assist is close to the $48,000 stage. If there’s a draw back break under the $48,000 stage, the value may proceed to maneuver down. The following main assist is close to the $47,200 stage. Any extra losses may open the doorways for a transfer in the direction of the $46,500 assist zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is shedding tempo within the bullish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 stage.
Main Assist Ranges – $48,500, adopted by $48,000.
Main Resistance Ranges – $49,000, $49,200 and $50,000.
