Bitcoin price began to rise steadily and topped $ 50,000 against the US dollar. BTC is likely to continue to offer well and could even redeem $ 50,300
- Bitcoin started a neat surge above the $ 48,000 and $ 48,500 resistance levels.
- The price is now trading above $ 48,000 and the 100-hour simple moving average.
- A large bullish trendline is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with support near USD 49,200.
- The pair could continue to accelerate higher if it breaks the $ 50,500 resistance zone in the short term.
Bitcoin price is gaining strength
Bitcoin price remained bid well above the USD 46,000 support zone. BTC formed a base above $ 46,000 and began rising again. There was a clear break above the USD 48,000 resistance zone and the 100-hour simple moving average.
The bulls gained strength and were able to push the price above the main resistance of $ 50,000. It has traded up to $ 50,300 and is now consolidating its profits.
Immediate support is near $ 49,750. It is close to the 23.6% fib retracement level of the recent surge from the low of $ 48,033 to the high of $ 50,306. Bitcoin price is now trading well above $ 48,000 and the 100-hour simple moving average.
Source: BTCUSD on TradingView.com
A major bullish trendline is also forming on the hourly chart of the BTC / USD pair with support near USD 49,200. On the flip side, immediate resistance is near the $ 50,300 mark. The first major resistance is near the $ 50,500 mark, above which the bulls are likely to be targeting a larger move. The next big stop for the bulls could be $ 52,000.
Dips in BTC supported?
If Bitcoin fails to climb above the USD 50,300 and USD 50,500 resistance levels, it could initiate a downward correction. Initial downside support is near $ 49,750.
The first major support is now near the $ 49,200 zone. It is close to the trendline and the 50% fib retracement level of the recent surge from the low of $ 48,033 to the high of $ 50,306. If there is a significant break below trendline support, price could revisit the USD 48,000 support zone.
Hourly MACD – The MACD is picking up pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 60 mark.
Major support levels – $ 49,200 followed by $ 48,000.
Main Resistance Levels – $ 50,300, $ 50,500, and $ 52,000.