Bitcoin price is on a roll. It managed to surpass $46,000 but had to back down after touching $47,500. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin surpassed the $45,600 and $46,200 resistance levels
- Currently, BTC is over $46,500 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, BTC broke an important resistance level for a downward trend at $46,000
- Bitcoin has to break through $47,500 to keep on climbing
Bitcoin Price Action Analysis
BTC found good support from buyers above $45,000. Subsequently, there was a bullish run and BTC surpassed the $46,000 as well as the SMA100.
The $46,200 and $46,500 failed to resist the growth. In the 1-hour chart, Bitcoin surpassed an important resistance level at $46,000. Furthermore, BTC briefly went beyond $47,000.
However, the $47,500 resistance level stopped the bullish trend and sent the price for correction. As of now, BTC is moving toward the 23.6% Fibonacci retracement level from the latest rise from $43,360 to $47,501. It is above $46,500 and the 1-hour candles are above the SMA100. For a bearish scenario, the first support level is at $46,500 near the 23.6% Fibonacci retracement level. Following that, the $46,200 and then $45,500 stand to support Bitcoin price. The $45,500 is near the 50% Fibonacci retracement level. The next support is at $45,000.
On the other hand, if Bitcoin manages to stabilize above the $46,500 support, it could bounce back once again. In that case, the first resistance level will be the $47,000. The next crucial level is at $47,500. Breaking through this point would bring momentum to the upward trend. Following that, the $48,000 and $50,000 levels will be the next ones to resist the growth.
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 60.
Resistance levels: Right now, the $47,000, $47,500 and $48,000 are crucial resistance levels to beat.
Support levels: the $46,500, $46,200 and $45,500 are important support levels that will cause further decline if they are broken.
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