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

Bitcoin value stays nicely supported above the $47,000 zone towards the US Dollar. BTC should clear $48,500 to begin a good improve in direction of the $50,000 degree.

  • Bitcoin corrected decrease after it failed to clear the $48,500 resistance zone.
  • The value is nonetheless buying and selling above $47,000 and the 100 hourly easy transferring common.
  • There was a break above a short-term declining channel with resistance close to $47,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may proceed increased in direction of the $50,000 degree if it breaks the $48,500 resistance.

Bitcoin Price Remains Supported

Bitcoin value gained tempo after it cleared the $47,000 resistance degree. BTC even surpassed the $48,000 resistance zone and the 100 hourly easy transferring common.

However, the bears have been lively close to the $48,500 zone. The value traded as excessive as $48,481 earlier than there was a draw back correction. There was a break under the $48,000 and $47,800 ranges. The value even broke the 23.6% Fib retracement degree of the upward transfer from the $43,374 swing low to $48,481 excessive.

Bitcoin discovered help close to the $47,200 degree and there was no draw back continuation. As a end result, there was a recent improve above the $47,500 degree.

Moreover, there was a break above a short-term declining channel with resistance close to $47,800 on the hourly chart of the BTC/USD pair. An rapid resistance on the upside is close to the $48,000 degree. The first main resistance is now close to the $48,500 degree.

Bitcoin Price

Source: BTCUSD on TradingView.com

To begin one other improve, the value should clear the $48,500 resistance. If there is a transparent break above $48,500, the value may simply rise in direction of the important thing $50,000 resistance within the coming periods.

Dips Limited In BTC?

If bitcoin fails to clear the $48,000 resistance zone, it may begin one other draw back correction. An rapid help on the draw back is close to the $47,600 degree and damaged channel development line. If the value breaks the $47,600 degree, it may check the $47,200 help degree.

The subsequent main help is close to the $46,000 zone or the 100 hourly easy transferring common. Besides, 50% Fib retracement degree of the upward transfer from the $43,374 swing low to $48,481 excessive is additionally close to $45,900 to present help.

Technical indicators:

Hourly MACD – The MACD is slowly gaining tempo within the bullish zone.

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

Major Support Levels – $47,200, adopted by $47,000.

Major Resistance Levels – $48,000, $48,500 and $50,000.

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