TA: Bitcoin Stable Above $46K, Why $48K Holds The Key In Near Term

TA: Bitcoin Stable Above $46K, Why $48K Holds The Key In Near Term

Bitcoin price is consolidating above the $46,000 zone against the US Dollar. BTC is must clear $47,500 and $48,000 to start a steady increase in the near term.

  • Bitcoin is facing a major resistance near $47,500 and $48,000 levels.
  • The price is still trading well below $48,000 and the 100 hourly simple moving average.
  • There was a break above a connecting bearish trend line with resistance near $46,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a decent increase if there is a close above the $48,000 resistance zone.

Bitcoin Price Aims Recovery

Bitcoin price remained stable above the $46,000 support zone. It seems like BTC is trading in a range above the $46,000 support zone and below the $47,500 resistance.

Recently, there was a break above a connecting bearish trend line with resistance near $46,200 on the hourly chart of the BTC/USD pair. The last swing high was formed near $47,399 before the price started a downside correction. There was a break below the $47,000 area.

The price declined below the 23.6% Fib retracement level of the recent increase from the $44,444 swing low to $47,399 high. The bulls are now protecting the $46,000 support zone.

Source: BTCUSD on TradingView.com

However, the price is still trading well below $48,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $47,000 level. The first major resistance is near the $47,500 level. The main hurdle is still near the $48,000 level. A close above the $48,000 level could start a decent increase in the near term.

More Losses In BTC?

If bitcoin fails to clear the $48,000 resistance zone, it could resume its decline. An immediate support on the downside is near the $46,200 level.

The first major support is near the $45,900 level. It is close to the 50% Fib retracement level of the recent increase from the $44,444 swing low to $47,399 high. The main support seems to be forming near the $45,500 level. If there is a downside break below the $45,500 support zone, the price could extend its decline towards $44,000.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now back above the 50 level.

Major Support Levels – $46,200, followed by $45,500.

Major Resistance Levels – $47,000, $47,500 and $48,000.

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: