Bitcoin is gradually rising above $46,500 against the US dollar. In the short term, BTC must break through $47,000 to enter positive territory. Bitcoi
Bitcoin is gradually rising above $46,500 against the US dollar. In the short term, BTC must break through $47,000 to enter positive territory. Bitcoin is slowly rising above the $46,500 resistance level.
The price is currently trading above $46,200 and the 100 hourly simple moving average. On the BTC/USD hourly timeframe, a major bearish trend line is forming with resistance near $46,700. The pair could begin a strong rise if there is a clear move above the $47,000 resistance.
Bitcoin Price Sees a Break to the Upside
Bitcoin’s price continued to fall and tested the $45,150 level. BTC established a new base above $45,150 and began a new upward trend. A slice through the $45,500 and $45,800 levels occurred.
BTC/USD
The price rose above the 50 percent Fib retracement level of the recent decline from the swing low of $47,444 to the low of $45,153. It is now trading above the $46,200 mark and the 100 hourly simple moving average. On the upside, an immediate resistance level is near $46,700.
On the hourly timeframe of the BTC/USD pair, a crucial bearish trend line is forming with resistance near $46,700. The next resistance level could be near $47,000, or the 76.4 percent Fib retracement mark of the recent downtrend from the swing low of $47,444 to the low of $45,153.
A clear break above the $47,000 resistance level could signal the start of a significant uptrend. The price may rise to the $48,000 resistance level in the scenario above. Any further gains could push the price up to the $50,000 mark. A possible intermediate resistance level is near $49,250.
Are the Benefits Capped in BTC?
If bitcoin fails to break through the $47,000 resistance level, it may begin a new decline. On the downside, there is immediate support near the $46,200 level and the 100 hourly simple moving average.
The next major support level is seen near $45,800. The primary support is now near $45,150. A break below the $45,150 support level could signal the start of a major decline. In the stated case, the price could fall as low as $44,000 in the near future. Good luck!
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