• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

TA: Bitcoin Holding Gains Above $45K, Why BTC Rally Isn’t Over Yet

Aayush Jindal by Aayush Jindal
1 year ago
in BTC
Reading Time: 2 mins read
Advertisement

Bitcoin price recovered nicely after diving towards the $46,000 zone against the US Dollar. BTC is eyeing a fresh increase above $49,000 and it may even test the $50,000 barrier.

  • Bitcoin started a fresh increase after correcting lower to $45,700.
  • The price is trading above the $47,000 support, but it is below the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $48,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to rally once there is a clear break above the $48,500 and $49,000 resistance levels.

Bitcoin Price is Gaining Momentum

There was a sharp downside correction in bitcoin price from the $49,700 high. BTC dived below the $48,000 and $47,000 support levels. However, the bulls were active above $45,000 and $45,500.

A low was formed near $45,700 and the price recently started a steady increase. There was a break above the $47,000 resistance level. The price was able to climb back above the 50% Fib retracement level of the downward move from the $49,700 swing high to $45,700 low.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

It is now trading above the $47,000 support, but it is below the 100 hourly simple moving average. An immediate resistance is near the $48,500 level. There is also a key bearish trend line forming with resistance near $48,500 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next key resistance is near the $49,000 level. An intermediate resistance sits near the 76.4% Fib retracement level of the downward move from the $49,700 swing high to $45,700 low.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

A successful break above the trend line and then a follow up move above the $49,000 level may possibly start a strong increase in the coming sessions. The next major barrier for the bulls is near $50,000.

Fresh Dip in BTC?

If bitcoin fails to clear the trend line resistance or $49,000, it could start a fresh downside correction. An initial support is near the $48,000 level.

The first key support is near the $47,800 level and the 100 hourly simple moving average. Any more losses may possibly push the price lower towards the $47,000 support zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $47,800, followed by $47,000.

Major Resistance Levels – $48,500, $49,000 and $50,000.

Tags: bitcoinbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Bitcoin

TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited

6 hours ago
bitcoin

Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery?

10 hours ago
Bitcoin

Bitcoin Reclaims $30K Territory After Recent Weeks’ Struggle – Analysts Weigh In

1 day ago
Bitcoin

TA: Why Bitcoin Price Could Explode Above $30.6K In Near-term

1 day ago
Bitcoin

TA: Bitcoin Reclaims $30K, Why Bulls Face Uphill Task

4 days ago
Bitcoin

TA: Bitcoin Trims Gains, Why BTC Could Start Fresh Decline

5 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Global Fit Club: The World’s 1st gym that pays it’s members set to launch

May 24, 2022

The Last Palmswap Trading Competition Before Mainnet Launch. Up to 500K PALM in Prizes – for free!

May 24, 2022

Cardano NFT Disruptor – EGO.COM Enters the Game

May 24, 2022

LBank Weekly Listing Report, 23th May 2022

May 24, 2022

Muu Inu (MINU) Is Now Available for Trading on LBank Exchange

May 24, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.