Bitcoin price began a significant rise above the $45,500 resistance zone. BTC cleared several hurdles near the $46,000 and $47,200 levels to move further into positive territory. The bulls gained strength and were able to push the price above the resistance at $48,000. A new multi-week high was formed near $48,775. However, further there was a slight decline below the level of $48,500.
The price moved below the 23.6% Fibonacci retracement level of the recent wave from a swing low of $46,602 to a swing high of $48,775. Bitcoin is currently trading above $47,500 and at the 100-hour simple moving average. The hourly chart of the BTC/USD pair is also forming a key bullish trend line with support at $48,000. The immediate resistance is near the $48,500 level. The next key resistance could be $48,800, above which the price could begin another decent rise. The next stop for the bulls could possibly be $49,250. A clear move above the $49,250 resistance could steer the price towards the $49,800 resistance. The next resistance could be around the $50,000 level.
However, could this mean a downward correction in BTC? If Bitcoin fails to rise above the $48,800 resistance zone, a downward correction may well begin. The immediate support on the downside is near the $48,000 level or trend line. The first major support is $47,650 and the 50% Fibonacci retracement level of the recent wave from the swing low of $46,602 to the high of $48,775. If the close is below $47,650, the price could gain bearish momentum. In this case, the price may fall towards the support of $46,500.
Technical Indicators: Hourly MACD – The MACD is now losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level. Major support levels are at $48,000, followed by $47,650. The main resistance levels are $48,500, $48,800 and $50,000. Technical indicators assessing the value of Bitcoin (BTC) have entered the “high risk” zone and could indicate that the cryptocurrency is in the early stages of a bull market.
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