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Bitcoin price started a downside correction from the $50,400 zone. BTC tested $48,250 and is currently attempting a fresh increase above $50,000.
- Bitcoin price is holding gains above the $48,250 and $48,500 support levels.
- The price is trading above $48,850 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $48,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move up if it clears the $50,000 resistance zone.
Bitcoin Price Remains Supported
Bitcoin price gained pace above the $48,800 resistance zone. BTC even spiked above the $50,000 resistance zone before the bears appeared. A new multi-week high was formed near $50,339 before the price corrected lower.
There was a move below the $49,500 and $49,200 levels. The price even dived below $49,000, but the bulls were active above the $48,250 support. A low was formed near $48,240 and the price is now moving higher. There was a move above the $48,800 zone.
Bitcoin cleared the 50% Fib retracement level of the recent decline from the $50,390 swing high to the $48,240 low. It is now trading above $48,850 and the 100 hourly Simple moving average.
There is also a key bullish trend line forming with support at $48,750 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $49,880 level or the 76.4% Fib retracement level of the recent decline from the $50,390 swing high to the $48,240 low.
Source: BTCUSD on TradingView.com
The next key resistance could be $50,000, above which the price could start another decent increase. The next stop for the bulls may perhaps be $50,400. A clear move above the $50,400 resistance could send the price toward the $51,200 resistance. The next resistance could be near the $52,000 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $50,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $49,200 level.
The first major support is $48,800 and the trend line. If there is a close below $48,800, the price could gain bearish momentum. In the stated case, the price could dive toward the $47,800 support.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $49,000, followed by $48,750.
Major Resistance Levels – $50,000, $50,400, and $51,200.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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