Taking a look at the BTC chart, we see the price entering the $49,000 zone. The $49,500 resistance level did not allow the BTC to grow any further. There is a good chance for BTC to grow further. Here is a summary of BTC chart in the past 24 hours:
- BTC managed to surpass the $47,500, $48,00 and $48,100.
- Currently, BTC is above $48,000 and the 1-hour price candles are above the SMA100.
- For the 1-hour BTC chart, we have a new upward trend with a resistance level at $49,670.
- The price is testing the trendline resistance and will have a bullish run in case of breaking it.
BTC Chart Price Action Analysis
Yesterday, Bitcoin managed to start a new upward trend after ranging between $46,700 and $47,200. It surpassed the $47,500 resistance level and then the $48,000 and $48,100.
At some point, BTC moved past $48,500 and touched $49,400 yet had to face a correction, bringing it down to $48,580. Currently, the price is over $48,000 and the 1-hour candles are above the SMA100.
For the 1-hour BTC chart, there is a noticeable bullish trend with resistance and support levels at $45,150 and $49,700. The price is trying to break the resistance level and if it succeeds, there will be further growth.
The first resistance level is around $49,500 and by breaking it, the price would approach $49,700. If Bitcoin surpassed these levels, the $50,650 and $51,200 are expected to be the next ones. Then, the $52,300 near an upward trendline in the 4-hour chart will be crucial to break for the bullish run. Following that, the $52,500, $53,500, $54,600, $55,500, $57,000 and $59,200 are the next ones to follow.
On the other hand, if BTC fails to surpass the $49,500 to $49,700 zone, there will be a new bearish trend. In that case, the first support level will be $48,600. By going below this point, the price could approach the 23.6% Fibonacci retracement level with support at $48,000. If this level is lost, the $47,200 zone will be the next support level own the line. The next support level at that point will be $46,600 near the 50% Fibonacci retracement level. Furthermore, the $45,200 to $44,800 will stand to support BTC price. If all the above mentioned support levels fail, we will have a strong bearish run to follow.
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 59.
Resistance levels: Respectively, the $49,700, $52,300 are crucial resistance levels.
Support levels: the $46,606, $45,200 and $44,800 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 follow our latest opinion articles, technical analysis and news, stay right here.
