The price of Bitcoin has started a strong rise above $ 45,000 against the US dollar. BTC is now facing resistance near $ 50,000, but it could rise.
- Bitcoin has gained momentum above the resistance levels of $ 45,500 and $ 47,500.
- Prices are now trading above the simple simple average of $ 47,000 and 100 hours.
- The BTC / USD pair (data feed from Kraken) has a key bullish trend line with support around $ 47,000 per hour on the chart.
- The pair could fix the bottom, but bulls could remain active around $ 47,000 or $ 46,500.
The value of Bitcoin increases
The price of Bitcoin has started a strong rise above the স্ত 45,000 resistance level. BTC broke the $ 46,500 resistance level and stood above the simple moving average of 100 hours.
The bulls gain strength and the price rises above the 47,500 resistance. It even broke the $ 48,800 level and traded as high as $ 49,257. It is now trading lower and below ,500 48,500. On the downside an immediate support is close to the 47,500 level.
Bitcoin is now trading at 49 49,257, up from the 40 40,890 swing above the 23.6% Fib retracement level of the recent rally. The BTC / USD pair’s hourly chart also has a key bullish trend line with support near $ 47,000.
Side upward, an immediate resistance near the $ 48,000 level. The first major resistance is near the $ 48,500 level, above which the price could rebound to $ 49,250.
Source: BTCUSD on TradingView.com
The next major resistance is near the $ 50,000 level. A large rise above the $ 50,000 level could start in the near term. In the case described, prices could rise to the 52,000 level in the near term.
Dips supported in BTC?
If Bitcoin fails to clear the $ 48,500 resistance zone, it could start a new negative correction. On the downside an immediate support is near the $ 47,500 level. The first major support is now forming near the $ 47,250 level and the channel trend line.
A break below trend line support could push the price to the 46,500 level. Closer to the $ 46,500 level for providing 100 hours of normal moving average support. The next major support could be the recent rally from the% 40,890 swing near the 50% Fib retracement level to the এর 45,075 high of $ 49,257.
Hourly MACD – MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – RTC of BTC / USD is now below 50 level.
Key Support Level – $ 47,250, followed by $ 46,500.
Major resistance levels – $ 48,500, $ 49,250 and $ 50,000.