Bitcoin price began a steady rise above the $ 47,000 resistance against the US dollar. BTC even broke $ 48,000 and could continue to rise in the near future.

  • Bitcoin began a steady spike above the $ 46,000 and $ 47,000 resistance levels.
  • The price is now trading above $ 47,000 and the 100-hour simple moving average.
  • A major bullish trendline is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with support near USD 48,000.
  • The pair could accelerate higher towards the $ 50,000 level if it breaks the $ 48,500 resistance.

Bitcoin price gains traction

Bitcoin price began a steady rise above the resistance level of $ 46,000. BTC broke the USD 47,000 resistance zone and the 100-hour simple moving average.

Eventually there was a clear break above the USD 48,000 resistance zone. The price has traded up to $ 48,481 and is now consolidating gains. Immediate support on the downside is near the $ 48,000 mark. A major bullish trendline is also forming on the hourly chart of the BTC / USD pair with support near USD 48,000.

Bitcoin is also trading well above the 23.6% Fib retracement level of the upside wave from the low of $ 43,375 to the high of $ 48,481. Immediate resistance to the upside is near the $ 48,200 mark.

Source: BTCUSD on TradingView.com

The first major resistance is now near the $ 48,500 zone. To go any further up, Bitcoin will have to cross the $ 48,500 resistance. If the bulls succeed, the price could easily move towards the key resistance at $ 50,000 in the near future. Further gains could potentially set the pace for a move towards the $ 52,000 mark.

Dips supported in BTC?

If Bitcoin fails to break the $ 48,500 resistance zone, a downward correction could be initiated. Immediate support on the downside is near the $ 48,000 level and trend line.

If price breaks trendline support, it could test the $ 47,400 support level. The next big support is near the $ 46,000 level or the 100-hour simple moving average. It is also near the 50% Fib retracement level of the upside wave from the low of $ 43,375 to the high of $ 48,481.

Technical indicators:

Hourly MACD – The MACD is slowly picking up pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 50 mark.

Major Support Levels – $ 47,500, followed by $ 47,000.

Main Resistance Levels – $ 48,200, $ 48,500, and $ 50,000.

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