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Bitcoin price started a steady increase and it surpassed $50,000 against the US Dollar. BTC is likely to remain well bid and it might even clear $50,300

  • Bitcoin started a decent increase above the $48,000 and $48,500 resistance levels.
  • The price is now trading above $48,000 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $49,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate further higher if it clears the $50,500 resistance zone in the near term.

Bitcoin Price Gains Strength

Bitcoin price remained well bid above the $46,000 support zone. BTC formed a base above $46,000 and it started a fresh increase. There was a clear break above the $48,000 resistance zone and the 100 hourly simple moving average.

The bulls gained strength and were able to push the price above the main $50,000 resistance. It traded as high as $50,300 and it is now consolidating gains.

An immediate support is near the $49,750. It is close to the 23.6% Fib retracement level of the recent increase from the $48,033 swing low to $50,306 high. Bitcoin price is now trading well above $48,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

There is also a major bullish trend line forming with support near $49,200 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $50,300 level. The first key resistance is near the $50,500 level, above which the bulls are likely to aim a larger increase. The next major stop for the bulls could be $52,000.

Dips Supported in BTC?

If bitcoin fails to climb above the $50,300 and $50,500 resistance levels, it could start a downside correction. An initial support on the downside is near the $49,750 level.

The first major support is now near the $49,200 zone. It is near the trend line and the 50% Fib retracement level of the recent increase from the $48,033 swing low to $50,306 high. If there is a clear break below the trend line support, the price could revisit the $48,000 support zone.

Technical indicators:

Hourly MACD – The MACD is gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.

Major Support Levels – $49,200, followed by $48,000.

Major Resistance Levels – $50,300, $50,500 and $52,000.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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