Bitcoin price started another increase above the $46,500 resistance. BTC cleared the $47,800 resistance and rose towards $48,000 before the bears showed up.
- Bitcoin peaked near $49,000 and corrected gains.
- The price is above $45,500 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $45,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh decline if it breaks below the $45,600 support zone.
Bitcoin price faces rejection
Bitcoin price attempted a fresh increase above the $46,800 and $47,200 levels. BTC even cleared the $48,000 resistance and rose towards $49,000. A new multi-week high was formed at $49,000 before the price erased all gains.
There was a strong move below the $47,500 and $47,000 levels. The price even retested the $45,500 support zone. A low was formed at $45,619 and the price is now consolidating its losses.
Bitcoin is trading above $45,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $45,900 on the hourly chart of the BTC/USD pair. On the other hand, immediate resistance lies near the $46,400 level and the 23.6% Fib retracement level of the downward move from the $49,000 swing high to $45,619 low.
The first major resistance lies at $47,300 or the 50% Fib retracement level of the downward move from the swing high at $49,000 to low at $45,619. A clear move above the $47,300 resistance could propel the price towards the $48,200 resistance.
Source: BTCUSD on TradingView.com
The next resistance is now forming near the $49,000 level. A close above the $49,000 level could push the price further higher. The next major resistance is at $50,000.
More losses on BTC?
If Bitcoin fails to rise above the $47,300 resistance zone, a fresh decline could occur. The immediate downside support is near the $45,900 level and the trend line.
The next major support is at $45,500. A break below $45,500 could see the price gain bearish momentum. In the mentioned case, the price could decline towards the $44,450 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Main support levels – $45,900, followed by $45,500.
Major resistance levels – $47,300, $48,200 and $49,000.
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