Bitcoin price started a strong increase above $45,000 against the US Dollar. BTC is now facing resistance near $50,000, but it might continue to rise.
Bitcoin gained pace above the $45,500 and $47,500 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 $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower, but the bulls might remain active near $47,000 or $46,500.
Bitcoin Price Gains Pace
Bitcoin price started a strong increase above the $45,000 resistance level. BTC broke the $46,500 resistance level and settled above the 100 hourly simple moving average.
The bulls gained strength and the price pumped above the $47,500 resistance. It even broke the $48,800 level and traded as high as $49,257. It is now correcting lower and trading below $48,500. An immediate support on the downside is near the $47,500 level.
Bitcoin is now trading well above the 23.6% Fib retracement level of the recent rally from the $40,890 swing low to $49,257 high. There is also a key bullish trend line forming with support near $47,000 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $48,000 level. The first major resistance is near the $48,500 level, above which the price could revisit $49,250.
Source: BTCUSD on TradingView.com
The next major resistance is near the $50,000 level. A close above the $50,000 level could start a major increase in the near term. In the stated case, the price might rise towards the $52,000 level in the near term.
Dips Supported In BTC?
If bitcoin fails to clear the $48,500 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $47,500 level. The first major support is now forming near the $47,250 level and the channel trend line.
A break below the trend line support might push the price towards the $46,500 level. The 100 hourly simple moving average is also near the $46,500 level to provide support. The next major support might be near the 50% Fib retracement level of the recent rally from the $40,890 swing low to $49,257 high at $45,075.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.
Major Support Levels – $47,250, followed by $46,500.
Major Resistance Levels – $48,500, $49,250 and $50,000.
