BTC starts consolidation above $46K after hitting a new all-time high of $48,308 against the US dollar. The price is now consolidating and will likely continue higher above $47,000 so let’s read more in today’s bitcoin news.
The price is now well above the $45,500 and the 100 hourly simple moving average with a new contracting triangle pattern that is forming with the resistance near $47,050 on the hourly chart of the pair that could continue higher once it is able to clear the $47,000 and $47,100 levels. There was a nasty increase in the BTC price above the $45,000 resistance level and the pair broke the $47,000 while trading to a new all-time high of $48,308. There was a downside correction below the $47,000 level with the price trading below $46K but remaining stable above $45K. A new low was formed near $45,084 before the price recovered higher and now it remains well above the $45,500 with the 100 hourly simple moving average. There was also a break above the 50% fib retracement level from the $48,308 high to $45,084 low. There’s also a new contracting triangle pattern forming with resistance near $47,050 on the hourly chart of the pair.
The triangle resistance is close to the 61.8% fib retracement level decline from $48,308 high to $45,084 low. If there’s a break above the triangle resistance, there are chances of another increase above these levels with the next major resistance being set at a $48,000 level. More gains could open the doors for a push above $50K. If bitcoin fails to continue higher, it will correct lower to $46K with the next major support level nearing the $45,800 level and a triangle lower trend line.
The downside break below the triangle support will push the price to $48K support level and more losses will bring the coin to $43,200 support level in the near-term. The hourly MACD for the pair is losing momentum in the bearish zone while the hourly RSI for the pair is well above the 50 levels. The major support levels include $45,800 and $45,000 while the major resistance levels are set at $47,000, $47,100 and $48,000 as BTC starts consolidation again.
The number one cryptocurrency as reported earlier today has overtaken the Russian Ruble and now has its eyes set on the Swiss Franc.
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