TA: Bitcoin Indicators Suggest Strengthening Case For Break Above $48K

News BTC

Bitcoin price started a decent increase above the $46,000 resistance against the US Dollar. BTC is now back above $47,000, but it is facing hurdles near $47,600.

  • Bitcoin started a steady increase above the $45,600 and $46,200 resistance levels.
  • The price is now trading above $46,500 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $47,500 resistance zone to continue higher in the near term.

Bitcoin Price Starts Fresh Increase

Bitcoin price remained well bid above the $45,000 level. As a result, BTC started a fresh increase above the $46,000 resistance zone and the 100 hourly simple moving average.

How To Get Free Crypto  

The price broke the $46,200 and $46,500 resistance levels. There was also a break above a key bearish trend line with resistance near $46,000 on the hourly chart of the BTC/USD pair. The pair was able to climb above the $47,000 resistance zone.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

It is now facing resistance near the $47,500 zone. A high is formed near $47,464 and bitcoin price is now consolidating gains. It is currently well above the 23.6% Fib retracement level of the upward move from the $43,374 swing low to $47,464 high.

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $47,400 level. The main resistance is now near the $47,500 zone. To continue higher, bitcoin must clear the $47,500 resistance. The next major resistance is near the $48,000 level, above which the price could rise towards the key $50,000 resistance in the near term.

Get 110 USDT Futures Bonus for FREE!

Dips Supported In BTC?

If bitcoin fails to clear the $47,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $46,500 level. The first major support is near the $46,000 level.

Coinbase Banner  

The next key support seems to be forming near the $45,400 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $43,374 swing low to $47,464 high.

Technical indicators:

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

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

Major Support Levels – $46,500, followed by $45,400.

Major Resistance Levels – $47,500, $48,000 and $49,200.

Go to Source
Author: Aayush Jindal

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.