Bitcoin Goes Green, Why BTC Could Soon Surpass $ 50,000

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The price of Bitcoin started sharply above $ 45,000 against the US dollar. BTC is now facing resistance near $ 50,000, but it may continue to rise.

Bitcoin rose above the resistance levels of $ 45,500 and $ 47,500. The price is now trading above $ 47,000 and the 100 hour simple moving average. A key bullish trendline is forming with support near $ 47,000 on the hourly chart of the BTC / USD pair (Kraken data feed). The pair could correct to the downside, but the bulls could remain active near $ 47,000 or $ 46,500. Bitcoin price gaining pace

The price of Bitcoin started a sharp rise above the resistance level of $ 45,000. BTC broke through the resistance level of $ 46,500 and settled above the 100 hour simple moving average.

The bulls gained strength and the price broke through the resistance of $ 47,500. It even broke through the $ 48,800 level and traded as high as $ 49,257. It is now correcting lower and trading below $ 48,500. Immediate downside support is near the $ 47,500 level.

Bitcoin is now trading well above the 23.6% Fib retracement level of the recent rally from the low of $ 40,890 to $ 49,257. A key bullish trendline is also forming with support near $ 47,000 on the hourly chart for the BTC / USD pair.

On the upside, immediate resistance is near the $ 48,000 level. The first major resistance is near the $ 48,500 level, above which the price may revisit $ 49,250.

Source: BTCUSD on TradingView.com

The next major resistance is near the $ 50,000 level. A close above the $ 50,000 level could trigger a significant increase in the short term. In the case indicated, the price could reach the level of $ 52,000 in the short term.

Dips supported in BTC?

If bitcoin fails to clear the $ 48,500 resistance zone, it could start a further downward correction. Immediate downside support is near the $ 47,500 level. The first major support is now forming near the $ 47,250 level and the channel trendline.

A break below trendline support could push the price towards the $ 46,500 level. The 100-hour simple moving average is also close to the $ 46,500 level to provide support. The next major support could be near the 50% fiber retracement level of the recent rally, dropping from the $ 40,890 low to $ 49,257 at $ 45,075.

Technical indicators:

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

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

Major support levels $ 47,250, followed by $ 46,500.

Major resistance levels $ 48,500, $ 49,250 and $ 50,000.

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