Bitcoin price extended its increase above $49,000 against the US Dollar. BTC might continue to rally and it could even surpass the $50,000 resistance in the near term.<\/p>\n
Bitcoin price started a strong increase above the $46,500 resistance level. BTC broke the $47,500 resistance level and settled above the 100 hourly simple moving average.<\/p>\n
It even climbed above $49,000 before correcting lower. However, downsides were limited below the $46,500 support zone. A low was formed near $46,895 and the price started a fresh increase. It climbed higher above the $47,500 and $48,500 resistance levels.<\/p>\n
Bitcoin is now trading above $48,000 and the 100 hourly simple moving average. A high is formed near $49,750 and it is now consolidating gains. An immediate support on the downside is near the $49,000 level.<\/p>\n
It is close to the 23.6% Fib retracement level of the recent wave from the $46,895 swing low to $49,750 high. There is also a major bullish trend line forming with support near $48,400 on the hourly chart of the BTC\/USD pair.<\/p>\n<\/p>\n
On the upside, an immediate resistance is near the $49,600 level. The first major resistance is near the $49,750 level, above which the price could visit $50,000. A close above the $50,000 level could start another increase in the near term. The next major stop for the bulls may possibly be near the $52,000 level.<\/p>\n
If bitcoin fails to clear the $50,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $49,000 level.<\/p>\n
The first major support is now forming near the $48,400 level and the trend line. It is near the 50% Fib retracement level of the recent wave from the $46,895 swing low to $49,750 high. A break below the trend line support might push the price towards the $47,550 level and the 100 hourly SMA.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) The RSI for BTC\/USD is well above the 50 level.<\/p>\n
Major Support Levels $48,400, followed by $47,550.<\/p>\n
Major Resistance Levels $49,500, $50,000 and $52,000.<\/p>\n
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See the original post here: Bitcoin price extended its increase above $49,000 against the US Dollar. BTC might continue to rally and it could even surpass the $50,000 resistance in the near term. Bitcoin price started a strong increase above the $46,500 resistance level. Continue reading
\nTA: Bitcoin Bulls Keeps Pushing, Why Rally Isnt Over Yet - NewsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"