Bitcoin got speed above the $47,000 resistance versus the United States Dollar. BTC is revealing favorable indications and may rally towards the $50,000 resistance zone.
- Bitcoin saw a significant technical breakout above the $45,500 resistance zone.
- The cost is trading above $46,500 and the 100 per hour basic moving average.
- There is an important bullish pattern line forming with assistance near $46,200 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set might continue to increase and may trade towards the $50,000 resistance zone.
Bitcoin Price Breaks $48K
Bitcoin cost stayed strong above the $45,500 resistance zone. BTC began a fresh boost and had the ability to clear the $46,500 resistance zone.
The upward relocation got speed above the $46,500 level and the cost settled above the 100 per hour basic moving average. Finally, it surged above the $48,000 level. A high was formed near $48,200 and the cost is now combining gains.
There was a small drop listed below the $48,000 level. Bitcoin traded listed below the 23.6% Fib retracement level of the upward relocation from the $44,470 swing low $48,200 high. Besides, there is an important bullish pattern line forming with assistance near $46,200 on the per hour chart of the BTC/USD set.
On the advantage, the cost is dealing with resistance near the $48,000 level. The next significant resistance might be near the $48,200 zone. An effective break and close above the $48,200 level may press the cost towards $49,000.
Source: BTCUSD on TradingView.com
The next significant resistance might be near the $49,500 level. Any more gains might unlock for a relocation towards the $50,000 level.
Dips Limited in BTC?
If bitcoin stops working to clear the $48,200 resistance zone, it might begin a drawback correction. An instant assistance on the disadvantage is near the $47,000 zone.
The next significant assistance is seen near the $46,350 level. It is near the 50% Fib retracement level of the upward relocation from the $44,470 swing low $48,200 high. The primary assistance is near the $46,000 level and the pattern line. A disadvantage break listed below the $46,000 assistance zone might send out the cost to $45,000.
Hourly MACD – The MACD is gradually getting speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $47,000, followed by $46,000.
Major Resistance Levels – $48,200, $49,000 and $50,000.