Bitcoin attempts another rise, why 100 SMA is the key

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The price of Bitcoin found support near $ 47,150 and started a further rise against the US dollar. BTC needs to settle above the 100 hour SMA to continue higher.

Bitcoin extended its decline and tested the support area of ​​$ 47,200. The price is now trading near $ 48,800 and the 100 hour simple moving average. There was a break above a key downtrend line with resistance near $ 48,850 on the hourly chart of the BTC / USD pair (Kraken data feed). The pair could extend its rise if there is a clear break above $ 49,200 and the 100 hour SMA. Bitcoin price regains strength

The price of Bitcoin has started to drop steadily below the $ 48,000 support. BTC even extended its drop below $ 47,500, but the bulls were active at nearly $ 47,200.

A low formed near $ 47,165 and the price began to rise again. He broke through the resistance levels of $ 48,000 and $ 48,500. There was a break above the 50% Fib retracement level of the downward movement from a high of $ 50,520 to a low of $ 47,165.

Additionally, there was a break above a key downtrend line with resistance near $ 48,850 on the hourly chart of the BTC / USD pair. The pair even tested the resistance area of ​​$ 49,200.

Bitcoin is now trading near $ 48,800 and the 100-hour simple moving average. The first major resistance is near the $ 49,200 level. It is near the 61.8% Fib retracement level of the downward movement from the high of $ 50,520 to the low of $ 47,165.

Source: BTCUSD on TradingView.com

A clear break above the resistance of $ 49,200 and a close above the 100 hour SMA could open the door for a steady rise. The next major stop for the bulls could be $ 50,000.

New decline of BTC?

If bitcoin fails to break above the resistance of $ 49,200, it could start a further rise. On the downside, immediate support is near the $ 48,500 level.

The first key support is near the $ 48,000 level. If there is a breakout down below the $ 48,000 level, the price may continue to fall. The next major support is near the $ 47,200 level. Further losses could open the door for a move towards the near-term $ 46,500 support area.

Technical indicators:

Hourly MACD The MACD is running out of steam in the bullish zone.

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

Major support levels $ 48,500, followed by $ 48,000.

Major resistance levels $ 49,000, $ 49,200 and $ 50,000.

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