Bitcoin was well-bought above $49,000 against the US dollar. If Bitcoin clears $50,800 resistance it could begin a new increase.
- Bitcoin has shown some positive signs, even though it is still below the $49,000 support level.
- Now, the price trades above $49,000. The simple moving average for 100 hours is at $0.
- On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $50,000. (Data feed from Kraken).
- A new rise could be initiated if the price is higher than $49,000.
Bitcoin Price Seems to be on the Rise
Bitcoin prices fell below the $50,000 resistance level of the $52,000 resistance zone. BTC crossed the $49500 support level but bulls were still active at $49,000.
Prior to a downturn, the swing high formed around $51,955 Price traded below 50% Fib level to retrace the increase in bitcoin from $47,210 low to $51,955 peak. Bitcoin prices also rose below the $49500 support level and 100-hourly simple moving average.
It remained stable at the $49,000 mark. Support was also provided by the 61.8% Fib level at which the increase in price from $47,210 low to $51,955 high occurred.
The 100-hourly simple moving average and $49,500 are both currently in play. The immediate resistance is at the 50,400 level. Near the 50,500 mark is the next significant resistance. On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $50,000.
Source: BTCUSD at TradingView.com
Breaking above the $50,000.00 resistance level could lead to more upside. Near the $52,000 mark, the next major resistance. Above which price could start to rise.
BTC: More losses
Bitcoin could move lower if it fails to break the $50,500 resistance level. The immediate support for the downside lies near the $50,000 mark and the 100-hourly SMA.
Near the $49,000 mark, we are seeing the first significant support. The selling pressure could be increased if there is a downside breakout below the $49,000 level. For bears, the next stop might be $47,000.
Indicators technical
Hourly MACD – The MACD is slowly losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
Major Support Levels – $50,000, followed by $49,000.
Major Resistance Levels – $50,500, $52,000 and $53,500.
