Bitcoin price began a downward correction after trading to a new all-time high near $ 48,308 against the US dollar. BTC is now consolidating profits and is expected to continue rising above $ 47,000.
- Bitcoin hit a new all-time high at $ 48,308 before correcting lower.
- The price is now well over $ 45,500 and the 100 hour simple moving average.
- A new contracting triangle pattern is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with resistance near USD 47,050.
- The pair is likely to continue rising once it hits the $ 47,000 and $ 47,100 levels.
Bitcoin price remains supported
Bitcoin price rose uncomfortably above the $ 45,000 resistance level. BTC even broke the USD 47,000 level, trading at a new all-time high of USD 48,308.
Recently there has been a downward correction below the $ 47,000 level. The price even traded below the $ 46,000 level but remained stable above the $ 45,000 level. A low was formed near $ 45,084 before the price rallied higher.
It’s now well over $ 45,500 and the 100 hour simple moving average. There was a break above the recent 50% decline in the fib retracement level from the high of $ 48,308 to the low of $ 45,084. There is also a new contracting triangle pattern with resistance near USD 47,050 on the hourly chart of the BTC / USD pair.
Source: BTCUSD on TradingView.com
The triangle resistance is close to the recent 61.8% decline in the fib retracement level from $ 48,308 to $ 45,084. If there is a significant break above the triangle resistance, there is a possibility of a steady rise above $ 47,500. The next major resistance is near the $ 48,000 level. Further gains could open the doors for a push towards the $ 50,000 level.
Dips supported in BTC?
If Bitcoin doesn’t stay higher, it could correct lower towards $ 46,000. The next big support is near the $ 45,800 level and the lower trendline of the triangle.
A downside break below the triangle support could push the price towards the USD 48,000 support level. Further losses below $ 45,000 could potentially move the price towards the $ 43,200 support level in the short term.
Technical indicators:
Hourly MACD – The MACD is slowly losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is still well above the 50 level.
Major Support Levels – $ 45,800, followed by $ 45,000.
Main Resistance Levels – $ 47,000, $ 47,100, and $ 48,000.
