• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
Bitcoin

TA: Bitcoin Corrects, Why Dips Could Be Limited Below $46K

Aayush Jindal by Aayush Jindal
10 months ago
in BTC
Reading Time: 2 mins read
Advertisement

Bitcoin struggled to gain pace above the $48,000 resistance against the US Dollar. BTC is correcting gains, but dips might be limited below $46,000.

  • Bitcoin gained pace above $47,500 and traded as high as $48,200.
  • The price is trading above $46,500 and the 100 hourly simple moving average.
  • There is a key breakout pattern forming with support near $46,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase if it stays above the $46,000 support zone.

Bitcoin Price Remains Supported

Bitcoin price extended increase above the $47,500 resistance zone. BTC even broke the $48,000 resistance zone and traded as high as $48,200.

Recently, there was a downside correction from the $48,200 high. The price declined below the 23.6% Fib retracement level of the upward move from the $44,468 swing low $48,200 high. However, it is still trading above the 100 hourly simple moving average.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

There is also a key breakout pattern forming with support near $46,300 on the hourly chart of the BTC/USD pair. On the upside, the price is facing resistance near the $47,600 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next major resistance could be near the $47,800 zone and the triangle trend line. A successful break and close above the triangle resistance might push the price towards $48,200. The next major hurdle on the upside might be near the $49,000 level. Any more gains could send the price towards the key the $50,000 level.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Dips Supported in BTC?

If bitcoin fails to clear the $47,800 resistance zone, it could correct further lower. An immediate support on the downside is near the $47,000 zone. The next major support is seen near the $46,800 level. The key support is now forming near the $46,400 level and the triangle trend line. It is near the 50% Fib retracement level of the upward move from the $44,468 swing low $48,200 high.

A downside break below the $46,300 support zone could send the price to $46,000 and the 100 hourly SMA. Any more losses might put a lot of pressure on the bulls in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.

Major Support Levels – $46,800, followed by $46,300.

Major Resistance Levels – $47,800, $48,000 and $48,200.

Tags: bitcoinbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Bitcoin

Bitcoin Price Grinds Lower But This Support Can Spark A Fresh Increase

3 hours ago
bitcoin golden cross death cross

Bitcoin Golden Cross Versus Death Cross: Why The Outcome Is Critical

10 hours ago
Bitcoin

Bitcoin Price Dips As Dollar Rips, Key Support Nearby

1 day ago
Bitcoin

Bitcoin Price Just Saw Key Technical Correction, But 100 SMA Is Still Strong

4 days ago
Bitcoin

Bitcoin Price Rally Post Fed Rate Hike Could Gather Momentum, Here’s Why

5 days ago
bitcoin bull stampede

Bitcoin Monthly Signals Stack Suggesting Bulls Are Ready To Stampede

6 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Is January 2023 A Good Time To Buy Bitcoin?

February 7, 2023

Meta Masters Guild Blows Past $3 Million in Presale as Stage 5 Comes to a Close

February 6, 2023

Investors in Cardano (ADA) And Solana (SOL) Are More Interested In Flasko (FLSK) Presale

February 6, 2023

QIE Wallet & Web 3 Banking – The Entry Point to QI Ecosystem

February 6, 2023

Why Orbeon Protocol (ORBN) Is the Next Big Opportunity for Bitcoin (BTC) and Ethereum (ETH) Investors

February 6, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.