Bitcoin is up another 7.5% today and registered a new ATH at $ 48,216. BTC later dropped to the $ 46,500 level, but bulls still dominate the market since Tesla announced that the company purchased $ 1.5 billion of BTC.
Bitcoin is up 40 percent weekly
Bitcoin has increased by 40% over the week. Yesterday highlights an ascending price channel as shown in the short term 4-hour chart below. Towards the end of yesterday, BTC climbed above the upper limit of the channel and continued towards a new ATH.
However, it was unable to close a 4-hour candle above critical resistance at $ 47,350 (1,272 Fib Extension – yellow) and has fallen even further since then.
In the past few hours, Bitcoin went to an expected correction after the big daily rally (from 39,000 to $ 48,000) and dropped to $ 45,000 but quickly recovered to reach the region where it is currently traded. The BTC price remains above the rising price channel and it is very likely that it will continue to rise towards the psychological level of $ 50,000.
Expected levels for BTC
Looking ahead, the initial resistance lies at $ 47,350 (1.272 Fib extension). This is followed by the current ATH price of $ 48,216, followed by $ 48,570 (1,414 Fib Extension – green), $ 49,500 (1.618 Fib Extension – blue) and of course $ 50,000.
Beyond $ 50,000, the next possible targets are 51,380 (1.618 Fib Extension – green), $ 52,000 and $ 53,130.
On the other hand, the initial support is $ 46,000 (the upper end of the price channel). This is followed by the low of the last hour with 45,000, 44,414 (.236 Fib), 44,000 and $ 42,000 (.382 Fib).
Further supports are at 40,200 (.5 Fib), 39,000 (lower bound of the price channel) and $ 38,300 (.618 Fib).
The daily RSI continues to rise and has entered over 80 overbought conditions today.
- Key Support Levels: $ 45,000, 44,415, 44,000, 42,000 and $ 40,200
- Key Resistance Levels: $ 47,350, 48,215 – $ 48,570, $ 49,500, 50,000 and $ 51,380