- Bitcoin price rallied to a new all-time high near $48,250 against the US Dollar.
- The price is now consolidating above $45,500 and the 55 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $47,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to surge above $47,000 as long as there is no break below the $45,000 support.
Bitcoin price is trading nicely in a major uptrend above $45,000 against the US Dollar. BTC is likely to aim more gains towards the $50,000 level in the near term.
Bitcoin Price Analysis
In the past few days, there was a strong increase in bitcoin price from the $40,000 support zone against the US Dollar. BTC broke the $42,000 and $45,000 resistance levels to move further into a positive zone.
The price even cleared the $46,800 level and traded to a new all-time high near $48,250. The price is now consolidating gains above the $46,000 support level. There was a test of the 23.6% Fib retracement level of the upward move from the $37,415 low to $48,250 high.
The price is now consolidating above $45,500 and the 55 simple moving average (4-hours). There is also a key contracting triangle forming with resistance near $47,000 on the 4-hours chart of the BTC/USD pair.
If there is a downside break below the triangle support, the pair could continue to move down towards the $45,000 support level. Any more downsides might call for a decline towards the $42,800 support level. It is close to the 50% Fib retracement level of the upward move from the $37,415 low to $48,250 high.
Conversely, there are chances of a decent increase above the $47,000 resistance. The next major resistance is near the $48,250 level. A clear break above the $48,250 resistance could open the doors for more upsides. In the stated case, the price could aim a test of the $50,000 level.
Looking at the chart, bitcoin price is clearly trading well above $45,000 and the 55 simple moving average (4-hours). Overall, the price is likely to surge above $47,000 as long as there is no break below the $45,000 support.
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 above the 50 level.
Key Support Levels – $45,800 and $45,000.
Key Resistance Levels – $47,000, $48,250 and $50,000.
