Bitcoin price stayed above the $ 45,000 support against the US dollar in a bullish zone. BTC is aiming for a new rally above the USD 48,000 and USD 50,000 resistance levels in the short term.
- Bitcoin climbed above the $ 48,000 resistance but struggled to move further towards $ 50,000.
- The price is trading well above the $ 45,000 level and the simple moving average of 100 (4 hours).
- A major bullish trendline is forming on the 4-hour chart of the BTC / USD pair (data feed from Kraken) with support near USD 46,000.
- The pair could start a strong rally if it manages to break the $ 48,000 and $ 48,500 resistance levels.
Bitcoin price has more advantages in mind
Over the past week, Bitcoin price has tried to test the $ 50,000 level against the US dollar. The BTC / USD pair broke the USD 48,000 resistance, but there was a lack of momentum.
A new all-time high was formed near $ 48,700 before the price began a downward correction. There was a pause under the $ 47,000 support. The price traded below the 23.6% Fib retracement level of the move up from $ 43,773 low to $ 48,700 high.
Source: BTCUSD on TradingView.com
Bitcoin price is now well above the $ 45,000 level and the simple moving average of 100 (4 hours). On the downside, there is decent support near the $ 46,000 level.
A major bullish trendline is also forming on the 4-hour chart of the BTC / USD pair with support near USD 46,000. The trendline is close to the 50% Fib retracement level of the move up from the low of $ 43,773 to the high of $ 48,700.
On the upside, the $ 48,000 and $ 48,500 levels are major hurdles. A significant break above the $ 48,000 level should increase the likelihood of spike above the $ 50,000 level in upcoming sessions.
Dips supported in BTC?
If Bitcoin is struggling to hit the $ 48,000 resistance level, there is an opportunity for a downward correction. The first big support is near the trend line and at $ 46,000.
The next major support is near the $ 45,000 level. If there is a significant interruption and it is below the $ 45,000 support, the price could fall 5% to 10%. The next big support on the downside is near the $ 41,000 level.
Technical indicators
4 hours MACD – The MACD for BTC / USD is likely to gain strength in the bullish zone.
4 hour RSI (Relative Strength Index) – The RSI for BTC / USD is still above the 50 level.
Main Tier of Support – $ 46,000
Main Resistance Level – $ 48,000
