Bitcoin is forming a double bottom pattern near the $45,500 zone against the US Dollar. BTC is rising and there could be an upside break above $47,200.

• Bitcoin started an upside correction from the $45,500 support zone.
• The price is now trading near $47,000 and the 100 hourly simple moving average.
• There is a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a major increase if there is a clear move above the $47,000 resistance.

Bitcoin Price Forms Double Bottom

Bitcoin price declined again below the $46,500 level. BTC traded below the $46,000 level, but the bulls remained active near the $45,500 support zone.

A low was formed near $45,600 and the price is now recovering higher. It seems like the price is forming a double bottom pattern near the $45,500 zone. There was a move above the 23.6% Fib retracement level of the downward move from the $48,289 swing high to $45,600 low.

Bitcoin price is now trading near $47,000 and the 100 hourly simple moving average. It is facing resistance near the $47,000 zone. There is also a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair.

The trend line is near the 50% Fib retracement level of the downward move from the $48,289 swing high to $45,600 low. A clear move above the trend line could stage a strong move above $47,200.

Source: BTCUSD on TradingView.com

The next key resistance could be $48,000, above which the price might rise towards the $48,500 resistance. If the stated double…