Bitcoin price found good support at around $47,150 and started an upward trend. BTC needs to stabilize above the SMA100 in order to have further growth. Here is a summary of Bitcoin price in the past 24 hours:
- BTC had a dip all the way down to $47,000
- Currently, Bitcoin price is around $47,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, BTC broke the $48,850 resistance level for a downward trend.
- In case Bitcoin price surpasses the $49,200 resistance and the SMA100, we can expect further growth.
Bitcoin Price Action Analysis
In a brutal bear run, Bitcoin price broke the $48,000 support and even went below $47,000. Buyers provided good support at $47,200.
The lowest Bitcoin price was $47,165. Following that, it set path to recover with a new bull run and broke The $48,000 and $48,500 resistance levels. Bitcoin price at that point approached the 50% Fibonacci retracement level.
Furthermore, for the 1-hour chart, Bitcoin price surpassed a crucial resistance level at $48,450 for a downward trend. It even managed to touch $49,200.
As of now, BTC is around $47,000 and the price candles are below the SMA100. The first resistance level to consider is $49,200 near the 61.8% Fibonacci retracement level.
If BTC manages to break the $49,200 barrier and the price candles go above the SMA100, the road to $50K will be paved.
On the other hand, If Bitcoin fails to surpass $49,200, there will be a new downward trend. At that point, the first support level will be at $48,500.
Following that, BTC will have to face the $48,000 support which will cause further decline in case of failure. The next support level will be 47,000 which in case of another failure, would bring BTC down to $46,500.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Respectively, the $47,500, $48,000 and $49,200 are crucial resistance levels.
Support levels: the $46,500 and $46,000 are important support levels that will cause further decline if they are broken.
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