Yesterday Bitcoin started a decent rally after testing the key support trendline. It reached as high as $50,250, however, the upward movement got rejected at the 4hour 100 simple moving average. Currently trading at $47,500, Bitcoin price is above the hourly 100 simple moving average and just above the 38.2% Fib retracement level of the $43,016 swing low to $50,250 swing high.
If in the following trading sessions (next 12hours) the Bitcoin USD price maintains above $46,650, bulls could reattempt to break above the key resistance at a 4hour 100-simple moving average which is at ~$50,250. If succeed, the next target for Bitcoin could be $52,000, followed by $55,000.
In case the Bitcoin USD price momentum continues its downward trajectory, the next support is at $45,800 - the 61.8% Fib retracement level of the $43,016 swing low to $50,250 swing high. Failure to maintain above it could put Bitcoin price at risk and decline to $42,000 zone.
Technical indicators:
-
On the hourly chart, BTC/USD RSI shows momentum and gaining strength.
-
BTC/USD Key support levels: $46,650, $45,800 and $42,000.
-
BTC/USD Key resistance levels: $50,250, $52,000 and $55,000.
