Bitcoin is forming a base above the $46,400 and $46,000 support levels.
The price is still trading below $48,500 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $47,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear $49,200 and the 100 hourly SMA for a steady increase.
Bitcoin Price Forms Base
There was a move above the $47,200 and $47,500 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $47,200 on the hourly chart of the BTC/USD pair. However, the pair still trading below $48,500 and the 100 hourly simple moving average.
It faced a strong resistance near the $48,250 zone and the 100 hourly SMA. Bitcoin also struggled near the 50% Fib retracement level of the downward move from the $50,785 swing high to $45,759 low.
An immediate resistance on the upside is near the $48,100 level. The first major resistance is near the $48,250 level. The next key resistance could be $48,800. It is near the 61.8% Fib retracement level of the downward move from the $50,785 swing high to $45,759 low.
Source: BTCUSD on TradingView.com
A proper break above the $48,800 resistance could open the doors for more upsides. The next key resistance is near the $50,000 level, above which the price may possibly gain momentum.
Dips Limited In BTC?
If bitcoin fails to clear the $48,880 resistance zone, it could start a downside correction. An immediate support on the downside is near the $47,500 level.
The first major support is now forming near the $47,000 level. The main support is now near $46,000. A downside break below the $46,000 support may perhaps accelerate losses in the near term.
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Levels – $47,200, followed by $46,000.
Major Resistance Levels – $48,250, $48,800 and $50,000.
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