Bitcoin price continued its upward trend above the $48,800 resistance level. BTC tested $50,000 and is currently showing signs of a downward correction.
- Bitcoin price rose above the resistance levels of $48,500 and $48,800.
- The price is trading above $48,800 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a short-term ascending channel with support at $49,750.
- The pair may begin a downward correction below the $49,750 and $49,500 levels.
Bitcoin price rises 5%
Bitcoin price remained in the positive zone above the $48,000 resistance zone. BTC continued its upward trend and surpassed the $48,800 resistance level. The price finally surpassed the $50,000 level.
A new multi-week high was made near $50,339 and the price is currently on an upward trend. It fell slightly below the $50,000 level. The price is still above the 23.6% Fib retracement level of the recent rally from the low of $47,642 to the high of $50,339.
Bitcoin price is currently trading above $48,800 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is also a short-term upward channel with support at $49,750.
Source: TradingView.com BTCUSD
Immediate resistance is near the $50,250 level. The next major resistance could be $50,400, above which the price could begin another significant rise. The next stop for the bulls could possibly be $51,200. A clear break above the $51,200 resistance level could push the price towards the $52,000 resistance level. The next resistance could be near the $53,000 level.
Fixing BTC’s shortcomings?
If Bitcoin fails to rise above the $50,250 resistance zone, a downward correction could begin. Immediate support for the downside lies near the $49,750 level or the channel trendline.
The first major support is at $49,000 and the 50% Fib retracement level of the recent rally has fallen from $47,642 to $50,339. The price could gain bearish momentum if it closes below $49,000. If stated, the price may plunge towards the $47,650 support.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $49,750, then $49,000.
Key resistance levels – $50,250, $50,400 and $51,200.
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.