Bitcoin Price Climbs To $46K, Uptrend Could Extend To $48K?
Bitcoin price is gaining pace above the $45,500 resistance. BTC tested $46,000 and could extend its rally toward the $48,000 resistance.
Bitcoin price climbed higher above the $44,500 and $45,000 resistance levels.
The price is trading above $45,000 and the 100 hourly Simple moving average.
There is a key connecting bullish trend line forming with support at $45,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move up if it clears the $46,000 resistance zone.
Bitcoin Price Jumps 5%
Bitcoin price started a steady increase above the $43,500 resistance zone. BTC cleared a few hurdles near the $44,000 and $44,200 levels to move into a positive zone.
The bulls gained strength and were able to pump the price above the $45,000 resistance. It traded close to the $46,000 level. A new multi-day high is formed near $45,955 and the price is showing signs of more gains in the near term.
Bitcoin is trading well above the 23.6% Fib retracement level of the recent surge from the $42,765 swing low to the $45,955 high. It is also trading above $45,000 and the 100 hourly Simple moving average.
Besides, there is a key connecting bullish trend line forming with support at $45,480 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $46,000 level. The next key resistance could be $46,200, above which the price could start another decent increase.
Source: BTCUSD on TradingView.com
The next stop for the bulls may perhaps be $46,850. A clear move above the $46,850 resistance could send the price toward the $47,500 resistance. The next resistance could be near the $48,000 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $46,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $45,500 level or the trend line.
The first major support is $44,400 and the 50% Fib retracement level of the recent surge from the $42,765 swing low to the $45,955 high. If there is a close below $44,400, the price could gain bearish momentum. In the stated case, the price could dive toward the $43,500 support.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $45,500, followed by $44,400.
Major Resistance Levels – $46,000, $46,200, and $47,500.
