Bitcoin price is consolidating above the $46,000 zone against the US Dollar. BTC is must clear $47,500 and $48,000 to start a steady increase in the near term.
Bitcoin is facing a major resistance near $47,500 and $48,000 levels.
The price is still trading well below $48,000 and the 100 hourly simple moving average.
There was a break above a connecting bearish trend line with resistance near $46,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a decent increase if there is a close above the $48,000 resistance zone.
Bitcoin Price Aims Recovery
Bitcoin price remained stable above the $46,000 support zone. It seems like BTC is trading in a range above the $46,000 support zone and below the $47,500 resistance.
Recently, there was a break above a connecting bearish trend line with resistance near $46,200 on the hourly chart of the BTC/USD pair. The last swing high was formed near $47,399 before the price started a downside correction. There was a break below the $47,000 area.
The price declined below the 23.6% Fib retracement level of the recent increase from the $44,444 swing low to $47,399 high. The bulls are now protecting the $46,000 support zone.
However, the price is still trading well below $48,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $47,000 level. The first major resistance is near the $47,500 level. The main hurdle is still near the $48,000 level. A close above the $48,000 level could start a decent increase in the near term.
More Losses In BTC?
If bitcoin fails to clear the $48,000 resistance zone, it could resume its decline. An immediate support on the downside is near the $46,200 level.
The first major support is near the $45,900 level. It is close to the 50% Fib retracement level of the recent increase from the $44,444 swing low to $47,399 high. The main support seems to be forming near the $45,500 level. If there is a downside break below the $45,500 support zone, the price could extend its decline towards $44,000.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now back above the 50 level.
Major Support Levels – $46,200, followed by $45,500.
Major Resistance Levels – $47,000, $47,500 and $48,000.
