Bitcoin started a fresh increase from the $45,500 zone against the US Dollar. BTC is rising and there could be a strong move above the $50,000 resistance.
Bitcoin started a fresh increase above the $48,500 resistance zone.
The price is now trading above $48,000 and the 100 hourly simple moving average.
There is a key rising channel forming with support near $48,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate further higher above the $50,000 resistance.
Bitcoin Price Extends Recovery
Bitcoin price formed a base and started a fresh increase above the $46,500 level. BTC gained pace for a move above the $47,500 level and the 100 hourly simple moving average.
The upward move was such that the price broke the $48,500 resistance. There was a clear move above the 76.4% Fib retracement level of the key decline from the $48,289 swing high to $45,600 low. The bulls even pushed the price above the $49,000 level.
A high is formed near $49,600 and the price is now showing a lot of positive signs. There is also a key rising channel forming with support near $48,750 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
Bitcoin is trading well above the 23.6% Fib retracement level of the upward move from the $48,295 swing low to $49,600 high. It is facing resistance near the $49,600 zone. The next key resistance could be $50,000. A clear move above the $50,000 resistance zone could set the pace for a larger increase. The next major stop for the bulls may possibly be near the $51,200 level.
Dips Limited In BTC?
If bitcoin fails to clear the $50,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $49,200 level.
The first major support is near $49,000. It is near the 50% Fib retracement level of the upward move from the $48,295 swing low to $49,600 high. A downside break below the $49,000 level could push the price towards the $48,500 support, below which the price could test $48,800.
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 well above the 50 level.
Major Support Levels – $49,000, followed by $48,500.
Major Resistance Levels – $49,600, $50,000 and $51,200.
Bitcoin started a fresh increase from the $45,500 zone against the US Dollar. BTC is rising and there could be a strong move above the $50,000 resistance.
Bitcoin started a fresh increase above the $48,500 resistance zone.
The price is now trading above $48,000 and the 100 hourly simple moving average.
There is a key rising channel forming with support near $48,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate further higher above the $50,000 resistance.
Bitcoin price formed a base and started a fresh increase above the $46,500 level. BTC gained pace for a move above the $47,500 level and the 100 hourly simple moving average.
The upward move was such that the price broke the $48,500 resistance. There was a clear move above the 76.4% Fib retracement level of the key decline from the $48,289 swing high to $45,600 low. The bulls even pushed the price above the $49,000 level.
A high is formed near $49,600 and the price is now showing a lot of positive signs. There is also a key rising channel forming with support near $48,750 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
Bitcoin is trading well above the 23.6% Fib retracement level of the upward move from the $48,295 swing low to $49,600 high. It is facing resistance near the $49,600 zone. The next key resistance could be $50,000. A clear move above the $50,000 resistance zone could set the pace for a larger increase. The next major stop for the bulls may possibly be near the $51,200 level.
If bitcoin fails to clear the $50,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $49,200 level.
The first major support is near $49,000. It is near the 50% Fib retracement level of the upward move from the $48,295 swing low to $49,600 high. A downside break below the $49,000 level could push the price towards the $48,500 support, below which the price could test $48,800.
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 well above the 50 level.
Major Support Levels – $49,000, followed by $48,500.
Major Resistance Levels – $49,600, $50,000 and $51,200.
Tags: bitcoinbtcusdBTCUSDTxbtusd
FeedzyRead More
Crypto majors climbed alongside equity futures on Monday, with Monero's XMR up 13%, as Brent…
Bitcoin's price has topped its 50-week average for the first time in 45 weeks, a…
Bitcoin extended a slow climb through the Asian session while regional equities and U.S. stock…
TL;DR VanEck has taken a closer look at dilution inside Metaplanet’s Bitcoin treasury strategy. Its…
Bitcoin Magazine Why Legendary Investor Bill Miller IV has “Never Been More Bullish on Bitcoin”…
Bitcoin Magazine Strategy CEO Phong Le: We Want to Be the JPMorgan of Bitcoin Strategy’s…
