Bitcoin price started a fresh increase above the $45,000 resistance zone against the US Dollar. BTC is likely to continue higher towards the $48,000 level in the near term.
- Bitcoin found support near $42,800 and it started a fresh increase above $44,000.
- The price is now trading above $45,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is consolidating gains and it could accelerate higher above the $46,500 zone.
Bitcoin Price Regains Strength
Bitcoin price corrected lower below the $43,500 level, similar to ethereum. However, BTC remained well bid near $43,000 and $42,800. It traded as low as $42,855 and recently started a fresh increase.
There was a clear break above the $44,000 resistance zone. Besides, there was a break above a major bearish trend line with resistance near $44,000 on the hourly chart of the BTC/USD pair. The pair is now trading above $45,000 and the 100 hourly simple moving average.
It even surpassed the $46,000 resistance zone. A high is formed near $46,510 and bitcoin is now consolidating gains. An immediate support is near the $45,650 level. It is near the 23.6% Fib retracement level of the recent wave from the $42,855 swing low to $46,511 high.
Source: BTCUSD on TradingView.com
There is also a rising channel forming with support near $45,650 on the same chart. On the upside, an initial resistance is near the $46,200 level. The first key resistance is near the $46,500 level.
A clear break above the $46,500 resistance zone might trigger another increase. The next major resistance is near the $47,200 level. Any more gains could lead the price towards the $48,000 level.
Dips Limited in BTC?
If bitcoin fails to climb above the $46,500 and $47,200 resistance levels, it could start a downside correction. An initial support on the downside is near the $45,650 level.
The first major support is now near the $45,250 zone. The next major support could be $44,680. It is near the 50% Fib retracement level of the recent wave from the $42,855 swing low to $46,511 high.
Hourly MACD – The MACD is slowly 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 – $45,650, followed by $44,680.
Major Resistance Levels – $46,500, $47,200 and $48,000.
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Author: Aayush Jindal