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

Summary:
Bitcoin price started a decent increase above the ,000 resistance against the US Dollar. The price is now trading above ,000 and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near ,600 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair is likely to continue higher above the ,000 and ,500 resistance levels. Bitcoin price is gaining pace above ,000 against the US Dollar. BTC is likely to continue higher as long as it is trading above the ,000 support zone in the near term. Bitcoin Price Analysis Bitcoin price extended its increase above the ,000 resistance level. BTC even broke the ,000 resistance level to move further into a bullish zone. There was also a close above

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  • 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

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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