Having failed to surpass $48,500, Bitcoin price had to back down as low as $47,000 on Thursday. At that point, it found support once again and climbed back to $48,000. Once again, it failed to surpass $48,00 and it is back again at $47,000 getting support by the SMA100. Today, BTC is moving upward and by moving beyond $47,800 the trend has gained momentum and touched $48,850. As of now, BTC is facing a resistance at $48,650.
Bitcoin Price Action Analysis
Taking a look at the 1-hour chart, we see the price failing to surpass $48,500 and going for a correction. Yesterday, it dipped to $47,000 and even touched $46,750 but found support from the upward trendline and bounced back.
Today, in a bullish run, BTC managed to surpass $47,800 and swiftly break through the $48,500 resistance, touching $48,850 at one point. Unfortunately, once again Bitcoin faced resistance and went for a correction.
During the correction, the first support level as it $48,500 which used to be a resistance level. In case of providing support at this level, we can expect BTC to continue bullish. However, losing this level means that the $48,000 to $47,800 zone is next to support the price. It is near the 50% Fibonacci retracement level and crucial for Bitcoin price. Following that, the $47,500 near the broken trendline can support the price.
On the other hand, if Bitcoin finds good support, it can turn bullish once again. The first resistance level for BTC is at the $48,850 to $49,000 zone. Surpassing this level would bring the price near the infamous $50,000 resistance level. Breaking through the $50k barrier would push the price lose to $51,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward momentum.
RSI: the 1-hour relative strength index is currently above 65.
Resistance levels: Right now, the $48,850, $49,500 and $50,000 are crucial resistance levels to beat.
Support levels: the $48,500, $48,000 and $47,800 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.
