Bitcoin price climbed above the $48,000 resistance. BTC tested $48,800 and is currently showing signs of a downward correction.
- Bitcoin price climbed above the $46,500 and $48,000 resistance levels.
- The price is trading above $47,500 and the 100 hourly simple moving average.
- A key bullish trendline forms with support at $48,000 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could continue to rise unless there is a close below the $48,000 support.
Bitcoin Price Goes Green
Bitcoin price started a significant increase above the $45,500 resistance zone. BTC cleared a few hurdles near the $46,000 and $47,200 levels to move further into a positive zone.
The bulls gained strength and managed to push the price above the $48,000 resistance. It tested the $48,800 zone. A new multi-week high formed near $48,775 and the price is now consolidating its gains. There was a slight decline below the $48,500 level.
The price fell below the 23.6% Fibonacci retracement level of the recent wave from the $46,602 low to $48,775 high. Bitcoin price is now trading above $47,500 and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support at $48,000 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $48,500 level. The next key resistance could be $48,800, above which the price could begin a further decent rise.
Source: BTCUSD on TradingView.com
The next stop for the bulls could be $49,250. A sharp move above the $49,250 resistance could push the price towards the $49,800 resistance. The next resistance could be near the $50,000 level.
Downward correction of BTC?
If Bitcoin fails to move above the $48,800 resistance zone, it could begin a downward correction. Immediate downside support is near the $48,000 level or the trendline.
The first major support is $47,650 and the 50% Fibonacci retracement level of the recent wave from the $46,602 low to $48,775 high. If there is a close below $47,650, the price could gain bearish momentum. In the indicated case, the price could plunge towards the $46,500 support.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major support levels – $48,000, followed by $47,650.
Major resistance levels – $48,500, $48,800 and $50,000.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold investments and, naturally, investing involves risks. You are advised to carry out your own research before making any investment decision. Use the information provided on this website entirely at your own risk.