Bitcoin price had a bull run starting from $45,000 and is now facing resistance at $50,000. It is likely that BTC grows further in short-term. Here is a summary of Bitcoin Price in the past 24 hours:
- Bitcoin surpassed the $45,500 and $47,500 resistance levels.
- Currently, BTC is over $47,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, there is a crucial uptrend with support level at $47,000.
- The chances of a slight price correction are high but the buyers will probably support the price at $47,000 and $46,500.
Bitcoin Price Action Analysis
BTC had a strong bull run above $45,000. It managed to break the $46,500 resistance level and go above the SMA100.
Furthermore, the buyers took back control and pushed BTC above the $47,500 resistance level. At some point, the price touched $49,257 going above $48,800 level. Following that, a price correction brought BTC below $48,500. Right now, BTC is at $47,500.
Bitcoin is now above the 23.6% Fibonacci retracement level from the latest rise from $40,890 to $49,257. For the 1-hour chart, we can see a crucial uptrend with support level at $47,000.
The first resistance level is around $48,000. The next one will be at $48,500. If Bitcoin successfully surpasses these two, it could approach $49,250 soon after.
Then, the big boss resistance level at $50k awaits. If BTC closes above $50k, there will likely be another bull run. In that scenario, Bitcoin might reach $52,000 in short-term.
On the other hand, if the price fails to surpass the $48,500, it could decline with a new downtrend. Following that, the $47,500 is the first support level with the $47,250 and the trendline following next.
For the bearish scenario, if BTC breaks the support level for the uptrend, the price will approach $46,500. Furthermore, the SMA100 is near $46,500. The next crucial support level is near the 50% Fibonacci retracement level.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $48,500, $49,250 and $50,000 are important resistance levels.
Support levels: the $47,250 and $46,500 are important support levels that will cause further decline if they are broken.
If you are looking to exchange your Bitcoin into Webmoney, Perfect money or PayPal, or Purchase Bitcoin with Perfect Money USD, hi.exchange provides excellent exchange services. with 24/7 customer support and the best exchange rates at any moment, our team of professionals will guarantee our customers with a secure, easy and smooth exchange experience. And to stay up to date with our latest opinion articles, technical analysis and news, stay right here.
