BTC / USD
41,982.37
4.24%
(-1860.76)
ETH / USD
2,227.40
5.07%
(-119.05)
XRP / USD
0.62
5.89%
(-0.04)
LTC / USD
72.55
7.34%
(-5.75)
EOS / USD
0.77
6.75%
(-0.06)
BCH / USD
232.53
6.95%
(-17.36)
ADA / USD
0.55
8.2%
(-0.05)
XLM / USD
0.12
5.66%
(-0.01)
NEO / USD
11.82
8.69%
(-1.12)
XEM / USD
0.04
8.12%
(-0)
DASH / USD
32.50
7.37%
(-2.59)
USDT / USD
1.00
0.04%
(-0)
BNB / USD
242.53
0.91%
(+2.19)
QTUM / USD
3.12
8.47%
(-0.29)
XVG / USD
0.00
7.34%
(-0)
ONT / USD
0.23
6.87%
(-0.02)
ZEC / USD
30.42
8.91%
(-2.98)
STEEM / USD
0.25
6.28%
(-0.02)

Big Reaction From Bulls Imminent

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Bitcoin gained pace above the $47,000 resistance against the US Dollar. BTC is showing positive signs and might rally towards the $50,000 resistance zone.

  • Bitcoin saw a major technical breakout above the $45,500 resistance zone.
  • The price is trading above $46,500 and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $46,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise and might trade towards the $50,000 resistance zone.

Bitcoin Price Breaks $48K

Bitcoin price remained strong above the $45,500 resistance zone. BTC started a fresh increase and was able to clear the $46,500 resistance zone.

The upward move gained pace above the $46,500 level and the price settled above the 100 hourly simple moving average. Finally, it spiked above the $48,000 level. A high was formed near $48,200 and the price is now consolidating gains.

There was a minor drop below the $48,000 level. Bitcoin traded below the 23.6% Fib retracement level of the upward move from the $44,470 swing low $48,200 high. Besides, there is a crucial bullish trend line forming with support near $46,200 on the hourly chart of the BTC/USD pair.

On the upside, the price is facing resistance near the $48,000 level. The next major resistance could be near the $48,200 zone. A successful break and close above the $48,200 level might push the price towards $49,000.

Source: BTCUSD on TradingView.com

The next major resistance could be near the $49,500 level. Any more gains could open the doors for a move towards the $50,000 level.

Dips Limited in BTC?

If bitcoin fails to clear the $48,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $47,000 zone.

The next major support is seen near the $46,350 level. It is near the 50% Fib retracement level of the upward move from the $44,470 swing low $48,200 high. The main support is near the $46,000 level and the trend line. A downside break below the $46,000 support zone could send the price to $45,000.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

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

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

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

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