Bitcoin price is gaining pace above the $45,500 resistance. BTC tested the $46,000 level and could extend its rally towards the $48,000 resistance level.
- Bitcoin price climbed above the $44,500 and $45,000 resistance levels.
- The price is above $45,000 and the 100 hourly simple moving average.
- A key connecting uptrend line is forming with support at $45,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if it clears the $46,000 resistance zone.
Bitcoin price rises by 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 and moved into a positive zone.
The bulls gained strength and were able to push the price above the $45,000 resistance. The transaction price was close to the $46,000 mark. A new multi-day high is forming at $45,955 and the price is showing signs of further near-term gains.
Bitcoin is trading well above the 23.6% Fib retracement level of the recent advance from the swing low $42,765 to high $45,955. The transaction price is also above $45,000 and the 100 hourly simple moving average.
Additionally, a key connecting bullish trend line is forming with the support at $45,480 on the hourly chart of the BTC/USD pair. The immediate resistance is near the $46,000 level. The next key resistance could be at $46,200, above which the price could start another decent increase.
Source: BTCUSD on TradingView.com
The next stop for the bulls could perhaps be $46,850. A clear move above the $46,850 resistance could propel the price towards the $47,500 resistance. The next resistance could be near the $48,000 level.
Downward correction in BTC?
If Bitcoin fails to rise above the $46,000 resistance zone, a downward correction could occur. The immediate downside support is near the $45,500 level or the trend line.
The first major support lies at $44,400 and the 50% Fib retracement level of the recent advance from the swing low at $42,765 to the high at $45,955. If the close is below $44,400, the price could gain bearish momentum. In the mentioned case, the price could decline towards 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.
Key support levels – $45,500, followed by $44,400.
Major resistance levels – $46,000, $46,200 and $47,500.
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