Bitcoin Price Analysis: BTC Aims More Upsides Above $46K

  • Bitcoin price started a decent increase above the $45,000 resistance against the US Dollar.
  • The price is now trading above $45,000 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $44,600 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher above the $46,000 and $46,500 resistance levels.

Bitcoin price is gaining pace above $44,000 against the US Dollar. BTC is likely to continue higher as long as it is trading above the $42,000 support zone in the near term.

Bitcoin Price Analysis

Bitcoin price extended its increase above the $42,000 resistance level. BTC even broke the $45,000 resistance level to move further into a bullish zone.

There was also a close above the $45,000 level and the 55 simple moving average (4-hours). It climbed above the $46,000 level and traded to a new monthly high at $46,772. It is now consolidating gains and trading well above the $45,000 level.

It traded below the 23.6% Fib retracement level of the upward move from the $42,879 swing low to $46,772 high. On the downside, there is a strong support forming near the $44,600 level.

There key bullish trend line forming with support near $44,600 on the 4-hours chart of the BTC/USD pair. It is close to the 50% Fib retracement level of the upward move from the $42,879 swing low to $46,772 high. Any more losses could open the doors for a move towards the $43,000 support zone.

The main support is now forming near the $42,000 level. On the upside, the first major resistance is near the $36,200 level. The main resistance is now forming near the $46,650 level. A close above the $46,650 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily towards the $48,000 level.

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above $45,000 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above the $46,000 and $46,500 resistance levels in the near term.

Technical indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now well above the 50 level.

Key Support Levels – $45,000 and $42,000.

Key Resistance Levels – $46,200, $46,650 and $48,000.

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