Bitcoin started a fresh increase from the $45,500 zone against the US Dollar. BTC is rising and there could be a strong move above the $50,000 resistance.
- Bitcoin started a fresh increase above the $48,500 resistance zone.
- The price is now trading above $48,000 and the 100 hourly simple moving average.
- There is a key rising channel forming with support near $48,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate further higher above the $50,000 resistance.
Bitcoin Price Extends Recovery
Bitcoin price formed a base and started a fresh increase above the $46,500 level. BTC gained pace for a move above the $47,500 level and the 100 hourly simple moving average.
The upward move was such that the price broke the $48,500 resistance. There was a clear move above the 76.4% Fib retracement level of the key decline from the $48,289 swing high to $45,600 low. The bulls even pushed the price above the $49,000 level.
A high is formed near $49,600 and the price is now showing a lot of positive signs. There is also a key rising channel forming with support near $48,750 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
Bitcoin is trading well above the 23.6% Fib retracement level of the upward move from the $48,295 swing low to $49,600 high. It is facing resistance near the $49,600 zone. The next key resistance could be $50,000. A clear move above the $50,000 resistance zone could set the pace for a larger increase. The next major stop for the bulls may possibly be near the $51,200 level.
Dips Limited In BTC?
If bitcoin fails to clear the $50,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $49,200 level.
The first major support is near $49,000. It is near the 50% Fib retracement level of the upward move from the $48,295 swing low to $49,600 high. A downside break below the $49,000 level could push the price towards the $48,500 support, below which the price could test $48,800.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.
Major Support Levels – $49,000, followed by $48,500.
Major Resistance Levels – $49,600, $50,000 and $51,200.