Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
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.
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 above the 50 level.
Major Support Levels – $45,650, followed by $44,680.
Major Resistance Levels – $46,500, $47,200 and $48,000.