Bitcoin price started a downside correction after approaching its all-time high of $48,308 against the US Dollar. According to successful analyst Aayush Jindal, Bitcoin price is currently consolidating interests and will likely continue to rise above $47,000.
- Bitcoin price traded at an all-time high of $48,308 before correcting lower.
- The price is currently sitting well above $45,500 and the 100 hourly easy moving average. There is a new contract triangle pattern forming with resistance near $47,050 on the hourly chart of the BTC/USD pair
- (data feed from Kraken).
- According to the analyst, the pair is likely to continue higher after clearing the $47,000 and $47,100 levels.
Successful analyst: Bitcoin price will continue to rise above $47,000
Bitcoin price rose above the $45,000 resistance level. Bitcoin price even broke the $47,000 level and hit an all-time high of $48,308. Recently, there was a downside correction below the $47,000 level. The price even traded below the $46,000 level, but Bitcoin price remained stable above $45,000.
A low was formed around $45,084 before the price rallied. Currently, BTC is sitting well above $45,500 and the 100 hourly easy moving average. There was a break above the 50% Fib retracement level of the recent move from the $48,308 high to $45,084 high. There is also a new contract triangle pattern forming with resistance near $47,050 on the hourly chart of the BTC/USD pair.
Here are the levels that Bitcoin price can see soon
According to the analyst, the triangle resistance is close to the 61.8% Fib retracement level of the attack from $ 48,308 to $ 45,084. If there is a clear break above the triangle resistance, there are chances of steady gains above $47,500. The next major resistance is near the $48,000 level. More profits could open the doors for a true rally to the $50,000 level, according to analysts.
If the bitcoin price fails to continue higher, it could correct the real drop to $46,000, according to the analyst. The next major reinforcement is near the $45,800 level and the triangle lower trendline. A downside break below the triangle reinforcement could really push the price towards the $48,000 support level. With any more losses below $45,000, it is likely to lead the price towards the $43,200 support level in the near term.
Current view of Bitcoin price with technical indicators
Hourly MACD: The MACD for BTC/USD is slowly losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is still well above the 50 level.
Base Levels: $45,800 followed by $45,000.
Major Levels of Resistance: $47,000, $47,100 and $48,000.
Here are the successful claims of Aayush Jindal
Kriptokoin.com , as we previously reported, successful analyst Aayush Jindal, Bitcoin, Ethereum, Ripple , Chanlink and many altcoins are a name that has successfully done technical analysis. Aayush Jindal has a history of successfully setting critical levels for many cryptocurrencies. The master analyst also correctly predicted the fall of BTC up to $ 28,500 a short time ago.