No products in the cart.
TA: Bitcoin Revisits $45K, Why Dips Turn Attractive In Short-term
Bitcoin price extended its increase above the $44,000 level against the US Dollar. BTC traded close to $45,000 and it might correct lower in the short-term.
Bitcoin started a recovery wave above the $43,000 and $43,000 resistance levels.
The price is now trading above $44,000 and the 100 hourly simple moving average.
There is a key rising channel forming with support near $44,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower towards the $43,500 support zone and the 100 hourly SMA.
Bitcoin Price Extends Increase
Bitcoin price started a decent increase above the $43,000 level. BTC remained well bid and it managed to clear the $44,000 resistance level plus the 100 hourly simple moving average.
The price even climbed above the $44,500 level and traded close to the $45,000 level. A high is formed near $44,934 and the price is now correcting lower. There was a break below the $44,500 and $44,400 levels.
An immediate support is near the $44,300 level. There is also a key rising channel forming with support near $44,250 on the hourly chart of the BTC/USD pair. The pair is also well above the 23.6% Fib retracement level of the recent wave from the $39,580 swing low to $44,934 high.
Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $44,800 level. The first major resistance is near the $45,000 level. A clear break above the $44,800 and $45,000 levels could start another increase. The next major resistance is near the $46,200 zone, above which the price could rise towards the $47,000 resistance.
Dips Limited In BTC?
If bitcoin fails to clear the $45,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $44,300 level.
The next major support is near the $44,250 zone and the channel trend line. A downside break below the channel support could lead the price towards the $43,500 support zone or the 100 hourly simple moving average. Any more losses could lead the price towards the 50% Fib retracement level of the recent wave from the $39,580 swing low to $44,934 high at $42,250.
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.
Major Support Levels – $44,250, followed by $43,500.
Major Resistance Levels – $44,800, $45,000 and $46,200.
- August 2022 (180)
- July 2022 (418)
- June 2022 (416)
- May 2022 (369)
- April 2022 (367)
- March 2022 (505)
- February 2022 (455)
- January 2022 (435)
- December 2021 (428)
- November 2021 (367)
- October 2021 (359)
- September 2021 (357)
- August 2021 (126)
- July 2021 (21)
- June 2021 (19)
- May 2021 (4)
- April 2021 (6)
- March 2021 (23)
- February 2021 (23)
- January 2021 (27)
- August 2020 (1)
- July 2020 (7)
- June 2020 (1)
- April 2020 (2)
- Ethereum Merge Scheduled For September 15/16, ETH’s Price Skyrockets
- Polygon Maintains Solid Footing As MATIC Balloons By 300% Since June
- Exclusive: Bitwage CEO says ‘we’ll be empowering millions’ after Stellar announcementExclusive: Bitwage CEO says ‘we’ll be empowering millions’ after Stellar announcement
- AVAX Holds Steady And Sets Sights On $50 Barrier Breach
- Is The Bitcoin Surge Due To An External Reason? What The Data Suggests