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Bitcoin Bulls Keeps Pushing, Why Rally Isn’t Over Yet

Bitcoin worth prolonged its improve above $49,000 in opposition to the US Dollar. BTC may proceed to rally and it may even surpass the $50,000 resistance within the close to time period.

  • Bitcoin climbed larger above the $47,500 and $48,500 resistance ranges.
  • The worth is now buying and selling above $48,000 and the 100 hourly easy transferring common.
  • There is a significant bullish pattern line forming with assist close to $48,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may appropriate decrease, but it surely may discover assist close to $47,400 or $47,000.

Bitcoin Price Remains In Uptrend

Bitcoin worth began a powerful improve above the $46,500 resistance degree. BTC broke the $47,500 resistance degree and settled above the 100 hourly easy transferring common.

It even climbed above $49,000 earlier than correcting decrease. However, downsides have been restricted beneath the $46,500 assist zone. A low was fashioned close to $46,895 and the value began a recent improve. It climbed larger above the $47,500 and $48,500 resistance ranges.

Bitcoin is now buying and selling above $48,000 and the 100 hourly easy transferring common. A excessive is fashioned close to $49,750 and it is now consolidating good points. An instant assist on the draw back is close to the $49,000 degree.

It is shut to the 23.6% Fib retracement degree of the current wave from the $46,895 swing low to $49,750 excessive. There is additionally a significant bullish pattern line forming with assist close to $48,400 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, a direct resistance is close to the $49,600 degree. The first main resistance is close to the $49,750 degree, above which the value may go to $50,000. An in depth above the $50,000 degree may begin one other improve within the close to time period. The subsequent main cease for the bulls might presumably be close to the $52,000 degree.

Dips Limited In BTC?

If bitcoin fails to clear the $50,000 resistance zone, it may begin a recent draw back correction. An instant assist on the draw back is close to the $49,000 degree.

The first main assist is now forming close to the $48,400 degree and the pattern line. It is close to the 50% Fib retracement degree of the current wave from the $46,895 swing low to $49,750 excessive. A break beneath the pattern line assist may push the value in the direction of the $47,550 degree and the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

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

Major Support Levels – $48,400, adopted by $47,550.

Major Resistance Levels – $49,500, $50,000 and $52,000.

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