Bitcoin price found support near $ 47,150 and started spiking again against the US dollar. BTC needs to level off above the 100-hour SMA to stay higher.
- Bitcoin extended its decline and tested the USD 47,200 support zone.
- The price is now trading near $ 48,800 and the 100-hour simple moving average.
- The hourly chart of the BTC / USD pair (data feed from Kraken) broke through a major bearish trendline with resistance near USD 48,850.
- The pair could continue rising if there is a significant break above $ 49,200 and the 100-hour SMA.
Bitcoin price is gaining strength
Bitcoin price started a steady decline below the USD 48,000 support. BTC even extended its decline below $ 47,500, but the bulls were active near $ 47,200.
A low formed at $ 47,165 and the price began rising again. It broke the $ 48,000 and $ 48,500 resistance levels. There was a break above the 50% Fib retracement level of the downward move from the high of $ 50,520 to the low of $ 47,165.
The hourly chart for the BTC / USD pair also broke through a major bearish trendline with resistance near $ 48,850. The pair even tested the $ 49,200 resistance zone.
Bitcoin is now trading near $ 48,800 and the 100-hour simple moving average. The first major resistance is near the $ 49,200 mark. It is near the 61.8% Fib retracement level of the downward move from the high of $ 50,520 to the low of $ 47,165.
Source: BTCUSD on TradingView.com
A sharp break above the USD 49,200 resistance and a close above the 100-hour SMA could open the doors for a steady rise. The next big stop for the bulls could be at $ 50,000.
New decline in BTC?
If Bitcoin doesn’t climb above the $ 49,200 resistance, it could see another spike. On the flip side, immediate support is near the $ 48,500 mark.
The first major support is near the $ 48,000 mark. If there is a downside break below the $ 48,000 mark, the price could drop further. The next big support is near the $ 47,200 mark. Further losses could open the doors for a move towards the USD 46,500 support zone in the short term.
Hourly MACD – The MACD is losing pace in the upward zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now above the 50 mark.
Major Support Levels – $ 48,500, followed by $ 48,000.
Main Resistance Levels – $ 49,000, $ 49,200, and $ 50,000.