Bitcoin is slowly gaining pace above $46,500 against the US Dollar. BTC must release $47,000 to move into positive territory anytime soon.

Bitcoin is slowly moving above the $46,500 resistance zone. The price is trading above $46,200 and the 100 hourly simple moving average. There is a major downtrend line forming with resistance near $46,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a strong rise if there is a clear move above the $47,000 resistance.

Bitcoin Price Eyes Upside Break

Bitcoin price extended the decline and tested the $45,150 zone. BTC formed a base above $45,150 and started a fresh rise. There was a break above the $45,500 and $45,800 levels.

The price was able to rise above the 50% Fib retracement level of the recent drop from the $47,444 low to $45,153 low. It is now trading above $46,200 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $46,700 level.

Furthermore, there is a major downtrend line forming with resistance near $46,700 on the hourly chart of the BTC/USD pair. The next resistance could be near $47,000 or the 76.4% Fib retracement level of the recent drop from the $47,444 low to $45,153 low.

Source: BTCUSD on TradingView.com

A clear move above the $47,000 resistance could initiate a major rally. In the indicated case, the price may perhaps rally towards the $48,000 resistance. More gains could send the price towards the $50,000 barrier. An intermediate resistance is possible near the $49,250 level.

Limited advantages in BTC?

If bitcoin fails to clear the $47,000 resistance zone, another drop could start. An immediate support on the downside is near the $46,200 level and the 100 hourly simple moving average.

The next big support is seen near the $45,800 level. Major support now lies near the $45,150 level. A break below the $45,150 support zone could start a major drop. In the indicated case, the price could even decrease to $44,000 in the short term.

Technical indicators:

Hourly MACD – The MACD is slowly picking up pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.

Major Support Levels – $46,200, followed by $45,150.

Major Resistance Levels: $47,000, $48,000 and $50,000.



This post Bitcoin Key Indicators Suggest a Strengthening Case for a New Rise

was published first on https://www.newsbtc.com/analysis/btc/bitcoin-fresh-surge-47k/

Author

Write A Comment