Bitcoin maintains $46,000. According to technical analysis by NewsBTC’s Aayush Jindal, BTC must surpass $47,000 in the short term to move into positive territory.
Is Bitcoin Targeting a New Rising?
Bitcoin tested the $45,150 zone and formed a bottom above $45,150, starting a fresh increase. There was a break above the $45,500 and $45,800 levels. BTC managed to climb above the 50% Fib retracement level of the recent decline from the $47,444 low to $45,153 low. It is now trading above $46,200 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $46,700 level.
There is also a major bearish trend line forming with resistance near $46,700 on the hourly chart of the BTC/USD pair. The next resistance could be near the $47,000 or the 76.4% Fib retracement level of the $47,444 low to $45,153 low.
$47,000 Level Significant
A clear move above the $47,000 resistance could start a massive increase. In this case, the price may perhaps rally towards the $48,000 resistance. Any further gains could send the price towards the $50,000 barrier. An intermediate resistance is likely near the $49,250 level.
Will Bitcoin Drop?
Jindal says that if Bitcoin fails to break past the $47,000 resistance zone, it could initiate another decline. An immediate support on the downside is near the $46,200 level and the 100 hourly simple moving average. The next major support is seen near the $45,800 level. The main support is now near the $45,150 level. A downside break below the $45,150 support zone could start a major decline. In the stated case, BTC may even drop to $44,000.
What Do Technical Indicators Say?
- Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
- Major Support Levels – 46,200 then $45,150
- Major Resistance Levels – $47,000, 48,000 and 50,000
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