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, BTC surpassed a crucial resistance level at $48,450 for a downward trend. It even managed to touch $49,200.
As of now, Bitcoin price 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.
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.
