Bitcoin started a fresh increase above the $45,000 resistance. BTC even broke $47,000 and is showing positive signals, according to technical analysis by NewsBTC’s Aayush Jindal.
Bitcoin Up 5%
After forming a support base above the $43,500 level, Bitcoin started a fresh increase and managed to clear the key $45,000 resistance zone. It even bounced above the $47,000 level and settled above the 100 hourly simple moving average. A top was formed near $47,561 and the price is now consolidating gains.
Bitcoin tested the 23.6% Fib retracement level of the recent rally from the $44,468 high to $47,561 high. There is also a major bullish trend line forming with support near $45,200 on the hourly chart of the BTC/USD pair.
BTC 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 might trigger another increase. In the stated case, the price may even surpass the $48,000 resistance level. The next major resistance could be near the $49,200 level. Any further gains could open the doors for a move towards the $50,000 level.
Will Bitcoin Drop?
Jindal says that if Bitcoin fails to break past the $47,500 resistance zone, it could start a downside correction. According to him, an immediate support is near the $46,800 area. 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 from the $44,468 low to $47,561. A downside break below the $46,000 support area could start a decline towards the $45.00 support.
What Do 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 Resistance Levels – $47,200, 47,500 and $50,000
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