Bitcoin price started a fresh increase above the $45,000 resistance against the US Dollar. According to famous analyst Aayush Jindal, who has made successful predictions, BTC even broke $47,000 and is showing positive signs.
- Bitcoin started a fresh increase after breaking the $45,000 resistance zone.
- price is trading above $45,500 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $45,200 on the hourly chart of the BTC/USD pair
- (data feed from Kraken). According to the analyst, the pair could continue to rise and it may even surpass the $48,000 resistance zone. As Kriptokoin.com, we have compiled the details for you, let’s examine the subject together…
Bitcoin price skyrocketed and broke $47.500!
Bitcoin price formed a support base above the $43,500 level. BTC started a fresh increase and managed to clear the key $45,000 resistance zone. This opened the doors for more upsides above the $46,500 level. Bitcoin price even climbed above the $47,000 level and settled above the 100 hourly simple moving average. A top was formed near $47,650 and the price is now consolidating gains.
Bitcoin price tested the 23.6% Fib retracement level of the last rally. There is also a major bullish trend line forming with support near $45,200 on the hourly chart of the BTC/USD pair. On the upside, the price is facing resistance near the $47,200 level. The next major resistance could be near the $47,500 area. A successful break and close above the $47,600 level could trigger another increase. In the stated case, the price may even surpass the $48,000 resistance level.
According to the analyst, these levels are next!
The next major resistance could be near the $49,200 level. More gains could open the doors for a move towards the $50,000 level. Bitcoin price could start a downside correction if it fails to clear the $47,500 resistance zone. An immediate support on the downside is near the $46,800 zone.
The next major support is seen near the $46,350 level. The main support is near the $46,000 level or the 50% Fib retracement level of the recent rally. A downside break below the $46,000 support zone could start a decline towards the $45,000 support.
What do the technical indicators say?
Hourly MACD: The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently in the overbought zone.
Major Support Levels: $46,000 followed by $45,000.
Major Levels of Resistance: $47,200, $47,500 and $50,000.
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