Bitcoin price is consolidating against the US dollar above the $ 46,000 zone. BTC needs to clear $ 47,500 and $ 48,000 to start a steady surge in the near future.
- Bitcoin faces major resistance near $ 47,500 and $ 48,000.
- The price is still trading well below $ 48,000 and the 100-hour simple moving average.
- The hourly chart of the BTC / USD pair (data feed from Kraken) broke through a connecting bearish trendline with resistance near $ 46,200.
- The pair could start a decent rise if there is a close above the $ 48,000 resistance zone.
Bitcoin price is aiming for recovery
Bitcoin price remained stable above the USD 46,000 support zone. It appears that BTC is trading in a range above the USD 46,000 support zone and below the USD 47,500 resistance.
Recently, the hourly chart for the BTC / USD pair broke through a connecting bearish trendline with resistance near $ 46,200. The final swing high formed at $ 47,399 before the price corrected lower. There was a break below the $ 47,000 range.
The price fell below the 23.6% fib retracement level of the recent surge from the low of $ 44,444 to the high of $ 47,399. The bulls are now protecting the USD 46,000 support zone.
Source: BTCUSD on TradingView.com
However, the price is still trading well below $ 48,000 and the 100-hour simple moving average. Immediate resistance to the upside is near the $ 47,000 level. The first major resistance is near the $ 47,500 mark. The main hurdle is still near the $ 48,000 mark. A closing price above the $ 48,000 mark could trigger a decent spike in the near future.
More losses at BTC?
If Bitcoin fails to break the $ 48,000 resistance zone, it could continue its decline. Immediate support on the downside is near the $ 46,200 mark.
The first major support is near the $ 45,900 mark. It is close to the 50% fib retracement level of the recent surge from the low of $ 44,444 to the high of $ 47,399. The main support appears to be forming near the $ 45,500 mark. If there is a downside break below the USD 45,500 support zone, the price could extend its decline towards USD 44,000.
Hourly MACD – The MACD is slowly picking up 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.
Main Resistance Levels – $ 47,000, $ 47,500, and $ 48,000.