Bitcoin price started a strong increase above $45,000 against the US Dollar. BTC is now facing resistance near $50,000, but it may continue to rise.
- Bitcoin is gaining ground above the $45,500 and $47,500 resistance levels.
- The price is now trading above $47,000 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower, but the bulls may remain active near $47,000 or $46,500.
Bitcoin price hike
Bitcoin price started a strong increase above the $45,000 resistance level. BTC broke the $46,500 resistance level and settled above the 100 hourly simple moving average.
The bulls gained strength and pumped the price above the $47,500 resistance. It even broke through the $48,800 level and traded as high as $49,257. It is now correcting lower and trading below $48,500. There is immediate support on the downside near the $47,500 level.
Bitcoin is now trading above the 23.6% Fib retracement level of the recent rally from the swing low $40,890 to $49,257. There is also a major bullish trend line forming with support near $47,000 on the hourly chart of the BTC/USD pair.
On the upside, there is immediate resistance near the $48,000 level. The first major resistance is near the $48,500 level, when the price breaks above $49,250 may be revisited.
Source: BTCUSD on TradingView.com
The next major resistance is near the $50,000 level. A close above the $50,000 level could trigger a significant increase in the near term. In the mentioned case, the price may rise towards the $52,000 level in the near term.
Support dips in bitcoin?
If Bitcoin fails to break above the $48,500 resistance area, it may start a new downside correction. There is immediate support on the downside near the $47,500 level. The first major support is now forming near the $47,250 level and the channel trendline.
A break below the trendline support could push the price towards the $46,500 level. The 100 hourly simple moving average is also approaching the $46,500 level to provide support. The next major support might be near the 50% Fib retracement level of the recent rally from the $40,890 low to $49,257 swing high at $45.075.
Technical indicators:
Hourly MACD The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.
Key Support Levels – $47,250, followed by $46,500.
The main resistance levels are $48,500, $49,250 and $50,000.
