Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price started a steady increase above the $48,000 resistance zone against the US Dollar. BTC is now trading above $49,500 and it could accelerate above $50,000.
- Bitcoin started a fresh increase above the $48,500 and $49,000 resistance levels.
- The price is now trading well above $49,000 and the 100 hourly simple moving average.
- There was a break above a crucial bearish trend line with resistance near $47,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate further higher once there is a close above the $50,000 zone.
Bitcoin Price Breaks Key Barrier
Bitcoin price formed a base above the $46,500 zone and started a steady increase. BTC was able to clear the $48,500 resistance zone to move into a positive zone.
Besides, there was a break above a crucial bearish trend line with resistance near $47,750 on the hourly chart of the BTC/USD pair. The pair gained pace above the 61.8% Fib retracement level of the key decline from the $49,678 swing high to $46,533 low.
Bitcoin is now trading well above $49,000 and the 100 hourly simple moving average. It is consolidating near the $49,800 resistance zone. On the downside, an initial support is forming near the $49,650 level.
Source: BTCUSD on TradingView.com
The first key support is forming near the $49,500 level. If there is a downside break below the $49,500 support zone, the price might decline towards $48,800. The next major support is near the $48,500 level, where the bulls are likely to emerge.
More Upsides In BTC?
If bitcoin stays above the $49,500 support zone, it could continue to rise. An immediate resistance on the upside is near the $49,850 level. The first major resistance is near the $50,000 level.
A close above the $50,000 level could lift the price further. The next stop could be the 1.236 Fib extension level of the key decline from the $49,678 swing high to $46,533 low. Any more gains could lead the price towards the $52,000 resistance zone in the coming sessions. An intermediate resistance is near the $51,550 level.
Technical indicators:
Hourly MACD – The MACD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 60 level.
Major Support Levels – $49,500, followed by $48,800.
Major Resistance Levels – $49,800, $50,000 and $50,400.
