馃憠馃憠馃憠 #Bitcoinprice Rejects 48K After The #SEC Drama But Uptrend Still Intact
Bitcoin experienced a surge towards $48,000 following a tweet from a compromised SEC account about ETF approval. Despite retracing gains, the uptrend support remains near $45,200.
BTC spiked towards $47,800 & $48,000 resistance levels.
It currently trades above $45,500 & the 100 hourly Simple Moving Average.
A significant contracting triangle is forming, with resistance near $46,800 on the BTC/USD hourly chart (data from Kraken).
The potential for further upward movement towards $48,000 exists unless there is a close below $45,000.
Bitcoin Price Rebounds
Bitcoin initiated an upward move above the $45,500 resistance after a tweet from the hacked SEC account hinted at ETF approval. Gaining momentum above $46,000 & $46,500, the price faced rejection near $48,000 following clarification.
The subsequent decline dipped to $44,828 before a recovery. BTC is now back above the 23.6% Fib retracement level of the recent drop from $47,988 to $44,828.
Trading above $45,500 & the 100 hourly Simple Moving Average, a significant contracting triangle is forming, with resistance near $46,800 on the hourly BTC/USD chart. Immediate resistance lies near $46,400, close to the 50% Fib retracement level of the recent decline.
For further upward movement, a clear break above the $46,800 resistance could propel the price towards $47,200 & the next resistance near $48,000. A decisive close above $48,000 might lead to further gains, targeting the major resistance at $49,250.
Potential Losses in BTC
BTC faces potential losses if it fails to break the $46,800 resistance. Initial support is at $45,550, followed by significant support at $45,200. A breach below $45,200 may signal #bearish momentum, targeting the $44,800 support.
Technical Indicators:
- Hourly #MACD : Losing momentum in the bearish zone.
- Hourly #RSI (Relative Strength Index): Below the 50 level.
- Major Support Levels: $45,500, followed by $45,200.
- Major Resistance Levels: $46,400, $46,800, and $47,200.
Source - ewsbtc.com
