Bitcoin price started another increase above the $46,500 resistance. BTC cleared the $47,800 resistance and spiked toward $48,000 before the bears appeared.
- Bitcoin topped near the $49,000 level and corrected gains.
- The price is trading above $45,500 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $45,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh decline if there is a move below the $45,600 support zone.
Bitcoin Price Faces Rejection
Bitcoin price attempted a fresh increase above the $46,800 and $47,200 levels. BTC even cleared the $48,000 resistance and spiked toward $49,000. A new multi-week high was formed near $49,000 before the price trimmed all gains.
There was a sharp move below the $47,500 and $47,000 levels. The price even retested the $45,500 support zone. A low was formed near $45,619 and the price is now consolidating losses.Bitcoin is trading above $45,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $45,900 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $46,400 level and the 23.6% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low.
The first major resistance is $47,300 or the 50% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low. A clear move above the $47,300 resistance could send the price toward the $48,200 resistance.
