Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

Bitcoin is forming a double bottom pattern near the $45,500 zone against the US Dollar. BTC is rising and there could be an upside break above $47,200.

Bitcoin started an upside correction from the $45,500 support zone.
The price is now trading near $47,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a major increase if there is a clear move above the $47,000 resistance.

Bitcoin Price Forms Double Bottom
Bitcoin price declined again below the $46,500 level. BTC traded below the $46,000 level, but the bulls remained active near the $45,500 support zone.
A low was formed near $45,600 and the price is now recovering higher. It seems like the price is forming a double bottom pattern near the $45,500 zone. There was a move above the 23.6% Fib retracement level of the downward move from the $48,289 swing high to $45,600 low.
Bitcoin price is now trading near $47,000 and the 100 hourly simple moving average. It is facing resistance near the $47,000 zone. There is also a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair.
The trend line is near the 50% Fib retracement level of the downward move from the $48,289 swing high to $45,600 low. A clear move above the trend line could stage a strong move above $47,200.

Source: BTCUSD on TradingView.com
The next key resistance could be $48,000, above which the price might rise towards the $48,500 resistance. If the stated double bottom pattern is valid, the price may possibly rise towards the $50,000 resistance zone.
Dips Limited In BTC?
If bitcoin fails to clear the $47,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $46,500 level.
The first major support is near $46,200. A downside break below the $46,200 level could push the price towards the $45,500 support, where the bulls might remain active in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Levels – $46,200, followed by $45,500.
Major Resistance Levels – $47,000, $48,000 and $50,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 27,168.28
ethereum
Ethereum (ETH) $ 1,897.12
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 307.29
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.516613
staked-ether
Lido Staked Ether (STETH) $ 1,895.43
cardano
Cardano (ADA) $ 0.376552
dogecoin
Dogecoin (DOGE) $ 0.072234
solana
Solana (SOL) $ 21.29
matic-network
Polygon (MATIC) $ 0.907433
litecoin
Litecoin (LTC) $ 95.20
tron
TRON (TRX) $ 0.076509
polkadot
Polkadot (DOT) $ 5.27
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.47
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,186.28
uniswap
Uniswap (UNI) $ 5.08
leo-token
LEO Token (LEO) $ 3.60
chainlink
Chainlink (LINK) $ 6.42
cosmos
Cosmos Hub (ATOM) $ 10.60
okb
OKB (OKB) $ 46.16
monero
Monero (XMR) $ 146.40
the-open-network
Toncoin (TON) $ 1.77
ethereum-classic
Ethereum Classic (ETC) $ 18.06
stellar
Stellar (XLM) $ 0.092080
bitcoin-cash
Bitcoin Cash (BCH) $ 114.58
filecoin
Filecoin (FIL) $ 4.94
internet-computer
Internet Computer (ICP) $ 4.83
true-usd
TrueUSD (TUSD) $ 0.999700
lido-dao
Lido DAO (LDO) $ 2.31
aptos
Aptos (APT) $ 9.10
quant-network
Quant (QNT) $ 118.13
hedera-hashgraph
Hedera (HBAR) $ 0.051104
arbitrum
Arbitrum (ARB) $ 1.25
crypto-com-chain
Cronos (CRO) $ 0.059529
near
NEAR Protocol (NEAR) $ 1.60
vechain
VeChain (VET) $ 0.020041
the-graph
The Graph (GRT) $ 0.132963
apecoin
ApeCoin (APE) $ 3.11
algorand
Algorand (ALGO) $ 0.151937
the-sandbox
The Sandbox (SAND) $ 0.564355
paxos-standard
Pax Dollar (USDP) $ 0.999888
eos
EOS (EOS) $ 0.906768
edgecoin-2
Edgecoin (EDGT) $ 1.00
frax
Frax (FRAX) $ 1.00
render-token
Render (RNDR) $ 2.63
elrond-erd-2
MultiversX (EGLD) $ 37.67