Bitcoin is gaining momentum, why the rally is not over yet

[ad_1]

Bitcoin has started a further rise in the $ 45,500 area against the US dollar. BTC is rising and there could be a big move above the $ 50,000 resistance.

Bitcoin has started a further rise above the resistance zone of $ 48,500. The price is now trading above $ 48,000 and the 100 hour simple moving average. A key bullish channel is forming with support near $ 48,750 on the hourly chart of the BTC / USD pair (Kraken data feed). The pair may accelerate further above the $ 50,000 resistance. Bitcoin price prolongs recovery

The price of Bitcoin formed a base and began a further rise above the $ 46,500 level. BTC rose above the $ 47,500 level and the 100-hour simple moving average.

The upward movement was such that the price broke the resistance of $ 48,500. There was a clear move above the 76.4% Fib retracement level of the key decline from a high of $ 48,289 to a low of $ 45,600. The bulls even pushed the price above the $ 49,000 level.

A high is forming near $ 49,600 and the price is now showing many positive signs. There is also a key bullish channel forming with support near $ 48,750 on the hourly chart for the BTC / USD pair.

Source: BTCUSD on TradingView.com

Bitcoin is trading well above the 23.6% Fib retracement level of the upward movement from the low of $ 48,295 to $ 49,600. It is facing resistance near the $ 49,600 area. The next key resistance could be $ 50,000. A clear move above the $ 50,000 resistance zone could set the tone for a bigger rise. The next major stop for the bulls could be near the $ 51,200 level.

Dips limited in BTC?

If bitcoin fails to clear the $ 50,000 resistance zone, it could start a further downward correction. Immediate downside support is near the $ 49,200 level.

The first major support is near $ 49,000. It is near the 50% Fib retracement level of the bullish move from $ 48,295 to $ 49,600 low. A break down below the $ 49,000 level could push the price towards the $ 48,500 support, below which the price could test $ 48,800.

Technical indicators:

Hourly MACD – The MACD is slowly accelerating in the bullish zone.

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

Major Support Levels – $ 49,000, followed by $ 48,500.

Major Resistance Levels – $ 49,600, $ 50,000 and $ 51,200.

[ad_2]