Bitcoin price traded to a new weekly low at $44,012 before recovering losses against the US Dollar. BTC is back above $47,000 and it may attempt to clear the $48,000 resistance.
- Bitcoin started a decent increase above the $45,500 and $46,000 resistance levels.
- The price is now trading above $46,000 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $45,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate further higher if it clears the $48,000 resistance zone in the near term.
Bitcoin Price Eyes More Upsides
Bitcoin price extended its decline below the $44,200 support zone. However, BTC bulls were active above the $44,000 level. A low was formed near $44,012 before the price started a fresh increase.
There was a steady rise above the $45,000 and $45,500 resistance levels. The price cleared the 50% Fib retracement level of the main drop from the $48,100 swing high to $44,012 low. There was also a break above a key bearish trend line with resistance near $45,500 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $46,000 and the 100 hourly simple moving average. It is even trading above the 76.4% Fib retracement level of the main drop from the $48,100 swing high to $44,012 low.
Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $47,500 level. The first key resistance is near the $48,000 level and the last major swing high near $48,100. To continue higher, the price must clear the $48,000 resistance zone. The next major stop for the bulls could be $50,000.
Dips Supported in BTC?
If bitcoin fails to climb above the $48,000 and $48,100 resistance levels, it could start a downside correction. An initial support on the downside is near the $46,800 level.
The first major support is now near the $46,500 zone. The next key support is now near the $46,000 level and the 100 hourly SMA. If there is a clear break below $46,000, the price could revisit the $45,000 support zone.
Technical indicators:
Hourly MACD – The MACD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.
Major Support Levels – $46,500, followed by $46,000.
Major Resistance Levels – $47,500, $48,000 and $48,100.