BTC dipped more than $2K recently but the indicators show that it is likely to remain stable over $45,000 as we are reading more in our latest Bitcoin news.
Bitcoin’s price extended its upward move to $49,700 before starting a correction lower against the US dollar. the price also started a sharp downside correction after setting a new ATH of $49,700. The price is trading above the $46K support zone but it is still below the $46,000 on the hourly chart of the pair which is likely to bounce back as long as it is trading above these lines as BTC dipped more than $2K.
There was an upside extension in the BTC price above $49,200 and BTC even traded to a new all-time high near the $49,700 before it faced a strong selling interest. The price declined dramatically below the $48,000 and the $47,000 while BTC traded below the major contracting triangle with the support near the $47,600 on the hourly chart. There was a break below this support level and the 100 simple moving average too. The price spiked below the low of $46,326 but it remained stable above 1.236 fib extension level from the $46,326 low to $49,708 high.
There’s another key bullish trend line that forms near the support at $46K on the hourly chart of the pair so if there’s another downside break below the trend line support, the price could drop to $45K support. The next move up will be at the $44,250 support line so it is close to the 1.618 fib extension level to the $49,708 high. If Bitcoin stays above the trend line support, it will start a fresh increase of $46,800 with the first key resistance nearing the $47K level and the 100 hourly simple moving average.
The successful break above this resistance level is close above the 100 hourly SMA could spark a fresh increase with the next key resistance sitting at $48K. The hourly MACD is gaining momentum in the bearish zone with the RSI for the pair below the 50 levels. The major support level is set at $46K followed by $45K with the major resistance set at $47K and $48K. As reported a day ago, the week leading to Valentine’s day, we got to see some quite eventful things with plenty of BTC-related announcements and news.
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