Bitcoin price started a downside correction after trading to a new all-time high near $48,308 against the US Dollar. BTC is now consolidating gains and it is likely to continue higher above $47,000.

There was a nasty increase in bitcoin price above the $45,000 resistance level. BTC even broke the $47,000 level and traded to a new all-time high at $48,308.

Recently, there was a downside correction below the $47,000 level. The price even traded below the $46,000 level, but it remained stable above $45,000. A low was formed near $45,084 before the price recovered higher.

It is now well above $45,500 and the 100 hourly simple moving average. There was a break above the 50% Fib retracement level recent decline from the $48,308 high to $45,084 low. There is also a new contracting triangle pattern forming with resistance near $47,050 on the hourly chart of the BTC/USD pair.

The triangle resistance is close to the 61.8% Fib retracement level recent decline from the $48,308 high to $45,084 low. If there is a clear break above the triangle resistance, there are chances of a steady increase above $47,500. The next major resistance is near the $48,000 level. Any more gains could open the doors for a push towards the $50,000 level.

If bitcoin fails to continue higher, it could correct lower towards the $46,000 level. The next major support is near the $45,800 level and the triangle lower trend line.

A downside break below the triangle support could push the price towards the $48,000 support level. Any more losses below the $45,000 may possibly lead the price towards the $43,200 support level in the near term.

Technical indicators:

Hourly MACD – The MACD 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.

Major Support Levels – $45,800, followed by $45,000.

Major Resistance Levels – $47,000, $47,100 and $48,000.

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