Bitcoin surged above $47,000 against the US Dollar resistance. BTC has shown positive signals and could rally to the $50,000 resistance zone.
- Bitcoin witnessed a technical break above the $45,500 resistance area.
- The price trades above $46,500.
- The hourly chart for the BTC/USD pair shows a bullish trendline with support close to $46,200. (Data feed from Kraken).
- This pair may continue rising and trade in the $50k resistance zone.
Bitcoin Price Breaks $48K
Above the $45,500 resistance area, Bitcoin prices remained steady. BTC saw a renewed increase that was capable of clearing the $46,500 barrier.
It rose above $46,500 and settled at the simple 100-hour moving average. The price finally reached the $48,000 mark. The price reached a high of $48,200, and is consolidating its gains.
The price fell slightly below the $48,000 mark. Bitcoin fell below the 23.6% Fib Retracement level for the upward movement from $44,470 low to $48,200 high. On the hourly chart for the BTC/USD pair, there’s a bullish trendline that forms with support close to $46,200.
The upside is that the price faces resistance at the $48,000 mark. Near the $48,200 level could come next. The price could rise to $49,000 if it breaks above $48,200.
Source: BTCUSD from TradingView.com
Next major resistance may be at the $49,000. If there are more gains, it could be possible to move up towards $50,000.
BTC Dips Limited
Bitcoin could begin a downward correction if it fails to break the $48,200 resistance level. Near the $47,000 mark, there is immediate support for the downside.
It is located near $46,350. This is close to the 50% Fib level of the upward movement from $44,470 low $48,200 high. Support is located near the $46,000 support level, and the trendline. If the price falls below $46,000, it could push the price up to $45,000.
Technical indicators
Hourly MACD – The MACD is slowly gaining pace 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.
