Bitcoin rate began a strong boost above $45,000 versus the United States Dollar. BTC is now dealing with resistance near $50,000, however it may continue to increase.
- Bitcoin got speed above the $45,500 and $47,500 resistance levels.
- The rate is now trading above $47,000 and the 100 per hour easy moving average.
- There is an essential bullish pattern line forming with assistance near $47,000 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set could fix lower, however the bulls may stay active near $47,000 or $46,500.
Bitcoin Price Gains Pace
Bitcoin rate began a strong boost above the $45,000 resistance level. BTC broke the $46,500 resistance level and settled above the 100 per hour easy moving average.
The bulls got strength and the rate pumped above the $47,500 resistance. It even broke the $48,800 level and traded as high as $49,257. It is now remedying lower and trading listed below $48,500. An instant assistance on the drawback is near the $47,500 level.
Bitcoin is now trading well above the 23.6% Fib retracement level of the current rally from the $40,890 swing low to $49,257 high. There is likewise an essential bullish pattern line forming with assistance near $47,000 on the per hour chart of the BTC/USD set.
On the advantage, an instant resistance is near the $48,000 level. The initially significant resistance is near the $48,500 level, above which the rate could review $49,250.
Source: BTCUSD on TradingView.com
The next significant resistance is near the $50,000 level. A close above the $50,000 level could begin a significant boost in the near term. In the mentioned case, the rate may increase towards the $52,000 level in the near term.
Dips Supported In BTC?
If bitcoin stops working to clear the $48,500 resistance zone, it could begin a fresh drawback correction. An instant assistance on the drawback is near the $47,500 level. The initially significant assistance is now forming near the $47,250 level and the channel pattern line.
A break listed below the pattern line assistance may press the rate towards the $46,500 level. The 100 per hour easy moving average is likewise near the $46,500 level to offer assistance. The next significant assistance may be near the 50% Fib retracement level of the current rally from the $40,890 swing low to $49,257 high at $45,075.
Hourly MACD – The MACD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now simply listed below the 50 level.
Major Support Levels – $47,250, followed by $46,500.
Major Resistance Levels – $48,500, $49,250 and $50,000.