Bitcoin started a slow uptrend yesterday above the $ 46,000 resistance. The price has now reached above $ 47,000 and has faced resistance in the range of $ 47,500.
to the Report Bitcoin News has kept the price of Bitcoin well above the $ 45,000 level and has been able to start a new uptrend above the $ 46,000 resistance and the 100-hour moving average (SMA).
Bitcoin has recently surpassed the $ 46,200 and $ 46,500 resistance. In the 1-hour Bitcoin / Dollar market, Kendall broke a key downtrend above the $ 46,000 resistance and then successfully crossed the $ 47,000 resistance.
The price is currently resisting in the range of $ 47,500. Today’s price peak has been $ 47,464 so far and the market seems to be stabilizing yesterday’s uptrend. In addition, Kendall has completely surpassed the resistance level of 23.6% Fibonacci. In this analysis, Fibonacci levels are adjusted based on the upward movement of bitcoin from $ 43,374 to the peak of $ 47,464.
The closest resistance to buyers is in the range of $ 47,400. The main resistance is in the range of $ 47,500 and the price must cross this level to continue the upward trend. The next key resistance is in the $ 48,000 range, and crossing this level could pave the way for the price to reach the $ 50,000 resistance in the medium term.
If Bitcoin fails to break the $ 47,500 resistance, the price may face a bearish correction. In the event of a downtrend, the closest support is at the level of $ 46,500 and the first key support is in the range of 46,000.
The next key support appears to be in the $ 45,400 range and the 100-hour moving average. These points are close to the 50% Fibonacci retracement level, and as mentioned earlier, in this analysis, Fibonacci levels are adjusted based on the uptrend of Bitcoin from $ 43,374 to the peak of $ 47,464 today.
The MACD is slowly falling out of the uptrend and the Relative Strength Index (RSI) is now above the 50 level.
As mentioned, $ 46,500 and $ 45,400 are Bitcoin supports, and the $ 47,500, $ 48,000 and $ 49,200 levels also act as price resistance.