Bitcoin price failed to surpass the $48,000 level and failed. Currently, BTC is having a price correction but will likely find support at $46,000. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin surpassed $47,000 and climbed all the way up to $48,200.
- Currently, the price is above $46,500 and the 1-hour candles are still above the SMA100.
- On the 1-hour chart, we see a breakout pattern forming with support level at $46,300.
- In case BTC manages to remain above $46,000, there could be a new uptrend.
Bitcoin Price Action Analysis
With a strong rally, BTC finally surpassed $47,500 and at some point went above $48,200 and reached a 24-h high of $48,200. By reaching this point, Bitcoin went for a correction and the price dipped below the 23.6% Fibonacci retracement level from the latest rise from $44,468 to $48,200. As of now, BTC is still above the SMA100. Clearly, we can see a breakout pattern on the 1-hour chart, with support level at $46,300.
The first resistance level for the price is at $47,600 followed by $47,800. Surpassing this level can bring BTC out of the triangle pattern and push all the way up to $48,200. In this case, the next resistance level will be waiting at $49,000. At that point, BTC could finally give another try to reach $50,000.
On the other hand, if Bitcoin price fails to surpass $47,800, the correction will likely continue. For this scenario, the first support level will be $47,000 followed closely by $46,800. Following that, the $46,400 near the 50% Fibonacci retracement level will support BTC. This level is also located at the bottom of the triangle pattern. Dipping below the $46,300 can push BTC all the way down to $46,000 where the SMA100 is at. Further decline can squeeze the buyers out of their trades.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $47,800, $48,000 and $48,200 are the crucial resistance levels for BTC.
Support levels: The $46,800 and $46,300 are currently the key support levels for the price.
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