BTC / USD
27,066.79
0.41%
(-112.53)
ETH / USD
1,892.73
0.61%
(-11.6)
XRP / USD
0.52
0.59%
(-0)
LTC / USD
95.50
0.96%
(+0.91)
EOS / USD
0.91
0.3%
(0)
BCH / USD
114.82
0.24%
(+0.27)
ADA / USD
0.38
0.11%
(-0)
XLM / USD
0.09
0.24%
(0)
NEO / USD
10.51
0.38%
(+0.04)
XEM / USD
0.03
0.64%
(0)
DASH / USD
42.52
0.28%
(+0.12)
USDT / USD
1.00
0%
(0)
BNB / USD
306.61
0.04%
(+0.11)
QTUM / USD
2.66
0.83%
(+0.02)
XVG / USD
0.00
0.56%
(0)
ONT / USD
0.23
1.12%
(0)
ZEC / USD
32.22
0.44%
(+0.14)
STEEM / USD
0.18
0.16%
(0)

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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