Bitcoin price started a downside correction after trading to a new all-time high near $48,308 against the US Dollar. BTC is now consolidating gains and it is likely to continue higher above $47,000.
- Bitcoin traded to a new all-time high at $48,308 before correcting lower.
- The price is now well above $45,500 and the 100 hourly simple moving average.
- There is a new contracting triangle pattern forming with resistance near $47,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue higher once it clears the $47,000 and $47,100 levels.
Bitcoin Price Remains Supported
There was a nasty increase in bitcoin price above the $45,000 resistance level. BTC even broke the $47,000 level and traded to a new all-time high at $48,308.
Recently, there was a downside correction below the $47,000 level. The price even traded below the $46,000 level, but it remained stable above $45,000. A low was formed near $45,084 before the price recovered higher.It is now well above $45,500 and the 100 hourly simple moving average. There was a break above the 50% Fib retracement level recent decline from the $48,308 high to $45,084 low. There is also a new contracting triangle pattern forming with resistance near $47,050 on the hourly chart of the BTC/USD pair.
Source:The triangle resistance is close to the 61.8% Fib retracement level recent decline from the $48,308 high to $45,084 low. If there is a clear break above the triangle resistance, there are chances of a steady increase above $47,500. The next major resistance is near the $48,000 level. Any more gains could open the doors for a push towards the $50,000 level.
