Bitcoin price is losing pace above $48,000 against the US Dollar. BTC is likely to correct further lower below the $47,300 level in the near term.
Bitcoin Price Analysis
Bitcoin price extended its increase above the $48,000 resistance level. BTC even broke the $49,000 resistance level to move further into a bullish zone. However, the price failed to gain strength above the $50,000 resistance.
A high was formed near $50,550 before the price started a downside correction. There was a break below the $49,000 and $48,500 levels. There was also a break below a key bullish trend line with support near $49,000 on the 4-hours chart of the BTC/USD pair.
The pair traded below the 23.6% % Fib retracement level of the upward move from the $44,031 swing low to $50,550 high. It is now trading above $47,000 and the 55 simple moving average (4-hours).
An immediate support is near the $47,500 level and the 55 simple moving average (4-hours). The first key support is near the $47,300 level. It is close to the 50% Fib retracement level of the upward move from the $44,031 swing low to $50,550 high.
Any more losses could open the doors for a move towards the $44,000 support zone. On the upside, an initial resistance is near the $48,500 level. The first major resistance is near the $49,200 level.
The main resistance is now forming near the $50,000 level. A close above the $50,000 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily towards the $52,000 level.
Looking at the chart, bitcoin price is clearly trading above $47,000 and the 55 simple moving average (4-hours). Overall, the price must stay above the $47,300 support level to continue higher in the near term.
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now just below the 50 level.
Key Support Levels – $47,500 and $47,300.
Key Resistance Levels – $48,500, $49,200 and $50,000.
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