Bitcoin price began a steady rise above the USD 48,000 resistance zone against the US dollar. BTC is now trading above $ 49,500 and could accelerate to above $ 50,000.
- Bitcoin began another spike above the $ 48,500 and $ 49,000 resistance levels.
- The price is now trading well above $ 49,000 and the 100-hour simple moving average.
- The hourly chart of the BTC / USD pair (data feed from Kraken) broke through a key bearish trendline with resistance near USD 47,750.
- The pair could accelerate further once there is a close above the $ 50,000 zone.
Bitcoin price breaks important barrier
Bitcoin price formed a base above the $ 46,500 zone and began a steady increase. BTC was able to break through the USD 48,500 resistance zone to move into a positive zone.
The hourly chart for the BTC / USD pair also broke through a key bearish trendline with resistance near $ 47,750. The pair gained pace above the 61.8% fib retracement level of the major decline from the high of $ 49,678 to the low of $ 46,533.
Bitcoin is now trading well above $ 49,000 and the 100-hour simple moving average. It is consolidating near the USD 49,800 resistance zone. On the downside, an initial support is forming near the $ 49,650 level.
Source: BTCUSD on TradingView.com
The first major support forms near the $ 49,500 mark. If there is a bearish break below the USD 49,500 support zone, the price could fall towards USD 48,800. The next big support is near $ 48,500, which is where the bulls are likely to emerge.
More advantages with BTC?
If Bitcoin stays above the USD 49,500 support zone, it could continue to rise. Immediate resistance to the upside is near the $ 49,850 mark. The first major resistance is near the $ 50,000 mark.
A closing price above the $ 50,000 mark could raise the price further. The next stop could be the 1.236 Fib extension level of the major decline from the high of $ 49,678 to the low of $ 46,533. Further gains could move the price towards the USD 52,000 resistance zone in the coming sessions. Medium resistance is near the $ 51,550 level.
Hourly MACD – The MACD is picking up pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is well above the 60 mark.
Major Support Levels – $ 49,500, followed by $ 48,800.
Main Resistance Levels – $ 49,800, $ 50,000, and $ 50,400.