Bitcoin Fixes Why Dips May Be Limited Below $46K
Bitcoin struggled to gain pace above the $48,000 resistance against the US dollar. BTC is correcting gains, but dips may remain below $46,000.
Bitcoin gained pace above USD 47,500 and traded as high as USD 48,200. The price is trading above $46,500 and the 100 hourly simple moving average. A major breakout pattern is forming with support near $46,300 on the hourly chart of the BTC/USD pair (Kraken data feed). The pair could start another rise if it stays above the $46,000 support zone.
Bitcoin price remains supported
Bitcoin price extended rise above the USD 47,500 resistance zone. BTC even broke the $48,000 resistance zone and traded as high as $48,200.
Recently, there was a downward correction from the $48,200 high. The price fell below the 23.6% Fib retracement level from the upward move from the $44,468 swing low to $48,200 high. However, it is still trading above the 100 hourly simple moving average.
An important breakout pattern is also forming with support near USD 46,300 on the hourly chart of the BTC/USD pair. On the upside, the price is facing resistance near the USD 47,600 level.
Source: BTCUSD on TradingView.com
The next major resistance could be near the $47,800 zone and the triangle trendline. A successful break and close above the triangle resistance could push the price towards USD 48,200. The next big hurdle on the upside could be near the $49,000 level. More winnings can send the price to the $50,000 level.
Dips supported in BTC?
If bitcoin fails to clear the $47,800 resistance zone, it could correct further lower. An immediate support on the downside is near the $47,000 zone. The next major support is seen near the USD 46,800 level. The main support is now forming near the USD 46,400 level and the triangle trendline. It is near the 50% Fib retracement level of the upward move from the $44,468 swing low to $48,200 high.
A downward breach below the $46,300 support zone could send the price towards $46,000 and the 100-hour SMA. Even more losses could put a lot of pressure on the bulls in the short term.
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.
Key support levels – $46,800, followed by $46,300.
Major resistance levels – $47,800, $48,000 and $48,200.