Bitcoin remained well bid above the $49,000 support against the US Dollar. BTC could start a fresh increase if it clears the $50,800 resistance zone.
Bitcoin is showing a few positive signs above the $49,000 support zone.
The price is now trading above $49,500 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $50,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if it is above the $49,000 level.
Bitcoin Price Aims Fresh Increase
Bitcoin price corrected below the $50,000 support level from the $52,000 resistance zone. BTC broke the $49,500 support level, but the bulls were active above the $49,000 level.
The last swing high was formed near $51,955 before there was a downside correction. The price traded below the 50% Fib retracement level of the recent increase from the $47,210 swing low to $51,955 high. Bitcoin price also spiked below the $49,500 support and the 100 hourly simple moving average.
However, it was stable near the $49,000 level. The 61.8% Fib retracement level of the recent increase from the $47,210 swing low to $51,955 high also acted as a support.
The price is now trading above $49,500 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $50,400 level. The next major resistance is near the $50,500 level. There is also a key bearish trend line forming with resistance near $50,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
A clear break above the $50,500 resistance zone could open the doors for more upsides. The next key resistance is near the $52,000 level, above which the price may possibly start a major increase.
More Losses In BTC?
If bitcoin fails to clear the $50,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $50,000 level and the 100 hourly SMA.
The first major support is now forming near the $49,000 level. A downside break below the $49,000 support may perhaps increase selling pressure. The next stop for the bears might be $47,200.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
Major Support Levels – $50,000, followed by $49,000.
Major Resistance Levels – $50,500, $52,000 and $53,500.
