Analytics

TA: Bitcoin Stable Above $46K, Why $48K Holds The Key In Near Term

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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.

Source: BTCUSD on TradingView.com

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.

   
Source

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