Bitcoin price started a steady increase above the $47,000 resistance against the US Dollar. BTC even broke $48,000 and it might continue to rise in the near term.<\/p>\n
Bitcoin price started a steady increase above the $46,000 resistance level. BTC was able to clear the $47,000 resistance zone and the 100 hourly simple moving average.<\/p>\n
Finally, there was a clear break above the $48,000 resistance zone. The price traded as high as $48,481 and it is now consolidating gains. An immediate support on the downside is near the $48,000 level. There is also a key bullish trend line forming with support near $48,000 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin is also trading well above the 23.6% Fib retracement level of the upward wave from the $43,375 swing low to $48,481 high. An immediate resistance on the upside is near the $48,200 level.<\/p>\n<\/p>\n
The first major resistance is now near the $48,500 zone. To continue higher, bitcoin must clear the $48,500 resistance. If the bulls succeed, the price could easily rise towards the key $50,000 resistance in the near term. Any more gains may possibly set the pace for a move towards the $52,000 level.<\/p>\n
If bitcoin fails to clear the $48,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $48,000 level and the trend line.<\/p>\n
If the price breaks the trend line support, it could test the $47,400 support level. The next major support is near the $46,000 level or the 100 hourly simple moving average. It is also close to the 50% Fib retracement level of the upward wave from the $43,375 swing low to $48,481 high.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD The MACD is slowly gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) The RSI for BTC\/USD is now well above the 50 level.<\/p>\n
Major Support Levels $47,500, followed by $47,000.<\/p>\n
Major Resistance Levels $48,200, $48,500 and $50,000.<\/p>\n
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The rest is here: Bitcoin price started a steady increase above the $47,000 resistance against the US Dollar. BTC even broke $48,000 and it might continue to rise in the near term. Continue reading
\nTA: Bitcoin Price Just Reversed and $50K Is Imminent, Here's Why - NewsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"