Bitcoin price managed to surpass the $46,500 resistance level. In order to turn back to green, BTC must surpass the $47,000 level in short-term. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin price is hovering above the $46,500 key resistance level.
- Currently, the price is above $46,200 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we see a downtrend forming with resistance level at $46,700.
- In case BTC manages to surpass the $47,000, we could expect a new strong rally to follow.
Bitcoin Price Action Analysis
BTC continued the decline yesterday and reached a short-term low of $45,150. With a new bottom, the price started to surge and surpassed the $45,500 and $45,800 levels. Subsequently, Bitcoin managed to move above the 50% Fibonacci retracement level from the latest fall from $47,444 to $45,153.
At this point, BTC is above $46,200 and the 1-hour candles are above the SMA100. The first resistance level for BTC is at $46,700. Furthermore, we can see a new downtrend on the 1-hour chart with resistance at $46,700. The next key resistance level is at $47,000 which is near the 76.4% Fibonacci retracement level from the latest decline. With a successful breakthrough from $47,000, we could expect a new rally to follow. In which case, BTC would approach $48,000 and subsequently the key $50,000 level. In order to do that, Bitcoin price must surpass $49,250 indefinitely.
On the other hand, if Bitcoin price fails to surpass $47,000, there could be a new correction on the horizon. In that scenario, the $46,200 will be the first support level followed by the SMA100. The next support level is at $45,800 while the key support level is at $45,150. Dipping below this level would jump start a new downtrend that could potentially bring BTC as low as $44,000.
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 50.
Resistance levels: Right now, the $47,000, $48,000 and $50,000 are the crucial resistance levels for BTC.
Support levels: The $46,200 and $45,150 are currently the key support levels for the price.
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