- Bitcoin price started a strong increase above the $45,000 zone against the US Dollar.
- The price is now trading above $45,200 and the 55 simple moving average (4 hours).
- There was a break above a key contracting triangle with resistance near $44,300 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to rise if it stays above the $44,300 support zone.
Bitcoin price is showing positive signs above $45,000 against the US Dollar. BTC might correct lower, but dips could be limited below the $44,300 zone.
Bitcoin Price Analysis
Bitcoin price started a strong increase above the $43,500 resistance zone. The price remained stable above the $44,000 level and traded in a positive zone.
Besides, there was a break above a key contracting triangle with resistance near $44,300 on the 4-hour chart of the BTC/USD pair. There was a clear move above the $46,000 level and the 55 simple moving average (4 hours). The price even rallied above the $47,000 resistance zone.
However, the price seems to be struggling near the $48,000 zone. A high was formed near $47,900 and the price is now consolidating gains. The price traded below $47,000 but it is still above the 50% Fib retracement level of the upward move from the $43,200 swing low to the $47,900 high.
Bitcoin is now trading above $45,200 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $46,500 level. The first major resistance is near the $47,000 level, above which the price could rise toward the $47,800 zone.
Any more gains might send the price toward the $48,500 zone. If there is no upside break, the price might start a downside correction below $45,550.
The next key support is near the $44,300 level or the 76.4% Fib retracement level of the upward move from the $43,200 swing low to the $47,900 high. Any more losses might call for a move toward the $41,250 level.
Looking at the chart, Bitcoin price is trading above $45,000 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $44,300 support zone.
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 above the 50 level.
Key Support Levels – $45,500 and $44,300.
Key Resistance Levels – $46,500, $47,000, and $48,000.
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