TA: Bitcoin Rallies, Why BTC Could Register A Close Above $50K
Bitcoin price started a steady increase above the $48,000 resistance zone against the US Dollar. BTC is now trading above $49,500 and it could accelerate above $50,000.
- Bitcoin started a fresh increase above the $48,500 and $49,000 resistance levels.
- The price is now trading well above $49,000 and the 100 hourly simple moving average.
- There was a break above a crucial bearish trend line with resistance near $47,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate further higher once there is a close above the $50,000 zone.
Bitcoin Price Breaks Key Barrier
Bitcoin price formed a base above the $46,500 zone and started a steady increase. BTC was able to clear the $48,500 resistance zone to move into a positive zone.
Besides, there was a break above a crucial bearish trend line with resistance near $47,750 on the hourly chart of the BTC/USD pair. The pair gained pace above the 61.8% Fib retracement level of the key decline from the $49,678 swing high to $46,533 low.
Bitcoin is now trading well above $49,000 and the 100 hourly simple moving average. It is consolidating near the $49,800 resistance zone. On the downside, an initial support is forming near the $49,650 level.
Source: BTCUSD on TradingView.com
The first key support is forming near the $49,500 level. If there is a downside break below the $49,500 support zone, the price might decline towards $48,800. The next major support is near the $48,500 level, where the bulls are likely to emerge.
More Upsides In BTC?
If bitcoin stays above the $49,500 support zone, it could continue to rise. An immediate resistance on the upside is near the $49,850 level. The first major resistance is near the $50,000 level.
A close above the $50,000 level could lift the price further. The next stop could be the 1.236 Fib extension level of the key decline from the $49,678 swing high to $46,533 low. Any more gains could lead the price towards the $52,000 resistance zone in the coming sessions. An intermediate resistance is near the $51,550 level.
Hourly MACD – The MACD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 60 level.
Major Support Levels – $49,500, followed by $48,800.
Major Resistance Levels – $49,800, $50,000 and $50,400.