• 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
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • 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
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
Bitcoin

TA: Bitcoin Price Just Reversed and $50K Is Imminent, Here’s Why

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

Bitcoin price started a steady increase above the $47,000 resistance against the US Dollar. BTC even broke $48,000 and it might continue to rise in the near term.

  • Bitcoin started a steady increase above the $46,000 and $47,000 resistance levels.
  • The price is now trading above $47,000 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $48,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate higher towards the $50,000 level if it breaks the $48,500 resistance.

Bitcoin Price Gains Traction

Bitcoin price started a steady increase above the $46,000 resistance level. BTC was able to clear the $47,000 resistance zone and the 100 hourly simple moving average.

Finally, there was a clear break above the $48,000 resistance zone. The price traded as high as $48,481 and it is now consolidating gains. An immediate support on the downside is near the $48,000 level. There is also a key bullish trend line forming with support near $48,000 on the hourly chart of the BTC/USD pair.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Bitcoin is also trading well above the 23.6% Fib retracement level of the upward wave from the $43,375 swing low to $48,481 high. An immediate resistance on the upside is near the $48,200 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance is now near the $48,500 zone. To continue higher, bitcoin must clear the $48,500 resistance. If the bulls succeed, the price could easily rise towards the key $50,000 resistance in the near term.  Any more gains may possibly set the pace for a move towards the $52,000 level.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Dips Supported In BTC?

If bitcoin fails to clear the $48,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $48,000 level and the trend line.

If the price breaks the trend line support, it could test the $47,400 support level. The next major support is near the $46,000 level or the 100 hourly simple moving average. It is also close to the 50% Fib retracement level of the upward wave from the $43,375 swing low to $48,481 high.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

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

Major Support Levels – $47,500, followed by $47,000.

Major Resistance Levels – $48,200, $48,500 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

Bitcoin Price Just Saw Key Technical Correction, But 100 SMA Is Still Strong

2 days ago
Bitcoin

Bitcoin Price Rally Post Fed Rate Hike Could Gather Momentum, Here’s Why

3 days ago
bitcoin bull stampede

Bitcoin Monthly Signals Stack Suggesting Bulls Are Ready To Stampede

3 days ago
Bitcoin and Ethereum

Bitcoin and Ethereum Whale Activities Plummet – Are Whales Getting Bored?

3 days ago
Bitcoin

Bitcoin Price At Risk of Downside Thrust Before Fresh Increase

4 days ago
Bitcoin

Bitcoin Price Hints At Potential Correction, Buy The Dip?

5 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Fantom And Decentraland Explode As Big Eyes Coin Raises $21M In Presale

February 4, 2023

The Metaverse Represents The Future of Web3: Decentraland (MANA), The Sandbox (SAND), and Snowfall Protocol (SNW) Lead the Way

February 4, 2023

Snowfall Protocol (SNW), Shiba Inu (SHIB), and Cronos (CRO) – The Best Cheap Cryptos to Buy Now

February 4, 2023

ApeCoin (APE), Dogecoin (DOGE), and Snowfall Protocol (SNW) – Three Great Coins for NFT Lovers

February 3, 2023

Turn Playtime into Paytime with RankerDAO’s Gaming Crypto Platform

February 3, 2023

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.

Links

Crypto Prices from Nomics

Cryptocurrency news

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

Technical Analysis

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

Company

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

© 2022 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
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 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.