Bitcoin Breaks Resistance, Starts Fresh Increase
The price of Bitcoin has gained momentum and is now trading above the $45,500 resistance zone. It has also crossed the 100 hourly Simple Moving Average and is moving into a positive zone.
Key Breakout and Consolidation
A significant breakout occurred as Bitcoin broke above a key contracting triangle with resistance near $44,000. This led to the bulls pushing the price to a new multi-day high at $47,306. Currently, the price is consolidating its gains.
Bitcoin is now trading above $45,000 and the 100 hourly SMA. It is also above the 23.6% Fibonacci retracement level of the upward move from the $43,208 swing low to the $47,306 high.
Resistance Levels to Watch
The immediate resistance level for Bitcoin is around $47,000, followed by a major resistance at $47,200. If the price manages to break above this level, it could head towards the next resistance at $48,000. Another resistance level is forming near $48,800.
If Bitcoin surpasses the $48,800 level, it could potentially reach a major resistance at $49,250 and even open doors for a move towards the $50,000 mark.
Possible Downside Scenario
If Bitcoin fails to rise above the $47,200 resistance zone, it may experience a fresh decline. The immediate support on the downside is near $46,400, followed by another major support level at around $45,900.
If the price drops below $45,900, bearish momentum may increase. In this case, Bitcoin could potentially drop towards the $45,250 support or the 50% Fibonacci retracement level of the upward move.
Technical Indicators and Support/Resistance Levels
The hourly MACD is now gaining momentum in the bullish zone, indicating a positive trend. The hourly RSI for BTC/USD is currently above the 50 level, further supporting the bullish sentiment.
Major support levels to watch are $46,400 and $45,250, while major resistance levels are $47,000, $47,200, and $48,000.
Source: BTCUSD on TradingView.com
Hot Take: Bitcoin Breaks Resistance and Shows Bullish Momentum
The price of Bitcoin has broken through key resistance levels and is currently trading above $45,500. This breakout indicates a fresh increase in price and suggests that Bitcoin could continue its upward movement towards the $48,000 level. However, if Bitcoin fails to surpass the $47,200 resistance zone, it may experience a decline towards support levels at $46,400 and $45,900. Technical indicators show positive momentum with the MACD in the bullish zone and the RSI above 50. Overall, Bitcoin’s recent price action signals a bullish trend with potential for further gains.
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