Bitcoin is consolidating below the $48,000 resistance against the US dollar. BTC could start another rally if it clears the $48,000 resistance zone.
Bitcoin is stable above the USD 47,000 and USD 46,800 support levels. The price is trading above $46,500 and the 100 hourly simple moving average. A major breakout pattern is forming with resistance near USD 47,700 on the hourly chart of the BTC/USD pair (Kraken data feed). The pair could start another rally if it manages to clear the $48,000 resistance zone.
Bitcoin price eyes new rise
Bitcoin price started a minor downward correction after it failed near the $48,200 level. BTC corrected lower and traded below the $47,800 support level.
There was a move below the 23.6% Fib retracement level from the upward move from the $44,469 swing low to $48,200 high. The price even went below the USD 47,000 level, but the bulls were active near the USD 46,800 and USD 46,500 levels.
Bitcoin is now trading above USD 46,500 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the USD 47,600 level.
A major breakout pattern is also forming with resistance near USD 47,700 on the hourly chart of the BTC/USD pair. The next major resistance could be near the $48,000 zone. A successful break and close above the triangle resistance and then USD 48,000 could start a strong rise.
Source: BTCUSD on TradingView.com
The next major hurdle on the upside could be near the $49,200 level. More winnings can send the price to the $50,000 level.
Dips limited in BTC?
If bitcoin fails to clear the $47,700 resistance zone, it could correct further lower. An immediate support on the downside is near the $47,000 zone. The next major support is seen near the $46,800 level and the 100 hourly simple moving average.
The key support is now near the USD 46,400 level. It is near the 50% Fib retracement level of the upward move from the $44,469 swing low to $48,200 high. A downward breach below the $46,400 support zone could send the price towards $45,000 in the near term.
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just above the 50 level.
Key support levels – $46,800, followed by $46,400.
Major resistance levels – $47,700, $48,000 and $48,200.