Bitcoin price began a downward correction in the $50,400 area. BTC tested $48,250 and is currently attempting a fresh hike above $50,000.
- Bitcoin price maintains an upward trend above the $48,250 and $48,500 support levels.
- The price is trading above $48,850 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a key bullish trendline with support at $48,750.
- A break above the $50,000 resistance area could continue the rise.
Bitcoin price remains supported
Bitcoin price rose above the $48,800 resistance zone. BTC also surged above the $50,000 resistance zone before beginning a downward trend. A new multi-week high was established near $50,339 before the price began to fall.
It moved below the $49,500 and $49,200 levels. The price fell below $49,000, but bulls remained active above the $48,250 support. A low was made near $48,240 and the price is currently rising. There was a move above the $48,800 area.
Bitcoin recently cleared the 50% Fib retracement level of the decline from the $50,390 swing high to the $48,240 low. It is currently trading above $48,850 and the 100-hour simple moving average.
The hourly chart of the BTC/USD pair also has a major bullish trendline with support at $48,750. 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: TradingView.com BTCUSD
The next major resistance could be $50,000, above which the price could begin another significant rise. The next stop for the bulls could possibly be $50,400. A clear break above the $50,400 resistance level could lead the price to move towards the $51,200 resistance level. The next resistance could be near the $52,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $50,000 resistance zone, another downward correction could begin. Immediate support for the downside is near the $49,200 level.
The first major support level is $48,800, which is the trend line. The price could gain bearish momentum if it closes below $48,800. If stated, the price may plunge towards the $47,800 support.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $49,000, then $48,750.
Key resistance levels – $50,000, $50,400 and $51,200.
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