Bitcoin attempted an upside break above $ 47,500 against the US dollar. BTC failed to gain traction and corrected lower below $ 46,500.
- Bitcoin shows bearish signs and wrestles below the $ 47,000 pivot level.
- The price trades below $ 46,500 and the 100 hour simple moving average.
- There was a break below a significant breakout pattern with support near $ 46,400 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair was able to expand expiration and test the $ 45,000 support zone in the short term.
Bitcoin Price fights below $ 47K
Bitcoin price started a decent increase from the $ 44,500 support zone. BTC climbed above the $ 45,000 and $ 45,500 resistance levels.
It even climbed above the $ 46,500 level and the 100 hour simple moving average. However, the bears were active below the $ 47,500 resistance zone. A high was formed near $ 47,444 and the price started a fresh decline.
There was a clear move below the $ 46,500 support and the 100-hour simple moving average. The price fell below the 23.6% Fib retracement level of the rising wave of the $ 44,257 swing low $ 47,444 high. In addition, there was a break below a major breakout pattern with support close to $ 46,400 on the hourly chart of the BTC / USD pair.
Bitcoin price now tests the 50% Fib retracement level of the rising wave of the $ 44,257 swing low $ 47,444 high. A direct support at the bottom is close to the $ 45,850 level.
Source: BTCUSD on TradingView.com
The next big support is seen near the $ 45,500 level. The main support is now close to the $ 45,000 level. A break below the $ 45,000 support zone could increase selling pressure in the short term. In that case, the price could drop below $ 44,250.
Upsides Capped in BTC?
If bitcoin remains stable above the $ 45,000 support level, it could attempt a new increase. A direct resistance on the upside is close to the $ 46,250 level and the 100 hour SMA.
The next major resistance is close to the $ 46,750 level. The main hurdle now forms near the $ 47,500 level, where the price may gradually rise. In that case, it could test the $ 48,500 resistance zone.
Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is below the 50 level.
Large grant levels – $ 45,250, followed by $ 45,000.
Large resistance levels – $ 46,250, $ 46,850 and $ 47,500.