- 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.
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.
