Analysis

Big Reaction From Bulls Imminent

Bitcoin gained tempo above the $47,000 resistance towards the US Dollar. BTC is exhibiting optimistic indicators and may rally in the direction of the $50,000 resistance zone.

  • Bitcoin noticed a significant technical breakout above the $45,500 resistance zone.
  • The price is buying and selling above $46,500 and the 100 hourly easy transferring common.
  • There is a vital bullish development line forming with assist close to $46,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might proceed to rise and may commerce in the direction of the $50,000 resistance zone.

Bitcoin Price Breaks $48K

Bitcoin price remained robust above the $45,500 resistance zone. BTC began a recent improve and was capable of clear the $46,500 resistance zone.

The upward transfer gained tempo above the $46,500 stage and the price settled above the 100 hourly easy transferring common. Finally, it spiked above the $48,000 stage. A excessive was fashioned close to $48,200 and the price is now consolidating beneficial properties.

There was a minor drop beneath the $48,000 stage. Bitcoin traded beneath the 23.6% Fib retracement stage of the upward transfer from the $44,470 swing low $48,200 excessive. Besides, there’s a essential bullish development line forming with assist close to $46,200 on the hourly chart of the BTC/USD pair.

On the upside, the price is going through resistance close to the $48,000 stage. The subsequent main resistance might be close to the $48,200 zone. A profitable break and shut above the $48,200 stage may push the price in the direction of $49,000.

Bitcoin Price

Source: BTCUSD on TradingView.com

The subsequent main resistance might be close to the $49,500 stage. Any extra beneficial properties might open the doorways for a transfer in the direction of the $50,000 stage.

Dips Limited in BTC?

If bitcoin fails to clear the $48,200 resistance zone, it might begin a draw back correction. An quick assist on the draw back is close to the $47,000 zone.

The subsequent main assist is seen close to the $46,350 stage. It is close to the 50% Fib retracement stage of the upward transfer from the $44,470 swing low $48,200 excessive. The essential assist is close to the $46,000 stage and the development line. A draw back break beneath the $46,000 assist zone might ship the price to $45,000.

Technical indicators:

Hourly MACD – The MACD is slowly gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.

Major Support Levels – $47,000, adopted by $46,000.

Major Resistance Levels – $48,200, $49,000 and $50,000.

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