Bitcoin started a new surge from the $ 45,500 zone against the US Dollar. BTC is on the rise and there could be a strong move above the $ 50,000 resistance.
- Bitcoin started a new rally above the $ 48,500 resistance zone.
- The price is now trading above $ 48,000 and the 100 hourly simple moving average.
- A key ascending channel is forming with support near $ 48,750 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair could accelerate further above the $ 50,000 resistance.
Bitcoin price extends recovery
The price of Bitcoin formed a base and started a new surge above the $ 46,500 level. BTC gained pace to move above the $ 47,500 level and the 100 hourly simple moving average.
The upward movement was such that the price broke the resistance at $ 48,500. There was a clear move above the 76.4% Fib retracement level of the key drop from the $ 48,289 high to $ 45,600 low. The bulls even pushed the price above the $ 49,000 level.
A high is formed near $ 49,600 and the price is now showing many positive signs. A key ascending channel is also forming with support near $ 48,750 on the hourly chart of the BTC / USD pair.
Source: BTCUSD on TradingView.com
Bitcoin is trading well above the 23.6% Fib retracement level of the up move from the low of $ 48,295 to the high of $ 49,600. It is facing resistance near the $ 49,600 zone. The next key resistance could be $ 50,000. A clear move above the $ 50,000 resistance zone could set the pace for a further rally. The next major stop for the bulls is likely near the $ 51,200 level.
Limited dips in BTC?
If bitcoin fails to clear the $ 50,000 resistance zone, a new downside correction could begin. An immediate support to the downside is near the $ 49,200 level.
The first major support is near $ 49,000. It is close to the 50% Fib retracement level of the up move from the $ 48,295 low to $ 49,600 high. A break to the downside below the $ 49,000 level could push the price towards the $ 48,500 support, below which the price could test $ 48,800.
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well above the 50 level.
Major Support Levels – $ 49,000, followed by $ 48,500.
Major Resistance Levels – $ 49,600, $ 50,000, and $ 51,200.