Bitcoin Breaks $47K, Can Bulls Aim $50K?

shutterstock 170515580

Bitcoin started another surge above the $45,000 resistance against the US dollar. BTC even broke $47,000 and is showing positive signs.

Bitcoin started another surge after breaking the $45,000 resistance zone. The price is trading above $45,500 and the 100 hourly simple moving average. A major bullish trendline is forming with support near $45,200 on the hourly chart of the BTC/USD pair (Kraken data feed). The pair could continue to rise and may even clear the $48,000 resistance zone.

Bitcoin price rises 5%

Bitcoin price formed a support base above the $43,500 level. BTC started another rise and was able to clear the key $45,000 resistance zone.

It opened the doors to more benefits above the $46,500 level. The price even jumped above the $47,000 level and moved above the 100 hourly simple moving average. It highs near $47,561 and the price is now consolidating gains.

Bitcoin tested the 23.6% Fib retracement level from the recent rally from the $44,468 swing low to $47,561 high. Additionally, a major bullish trendline is forming with support near $45,200 on the hourly chart of the BTC/USD pair.

On the upside, the price is facing resistance near the USD 47,200 level. The next major resistance could be near the $47,500 zone. A successful break and close above the USD 47,600 level could lead to another rise. In the mentioned case, the price could even clear the $48,000 resistance level.

Source: BTCUSD on TradingView.com

The next major resistance could be near the $49,200 level. Any more gains could open the doors for a move to the $50,000 level.

Dips supported in BTC?

If bitcoin fails to clear the $47,500 resistance zone, it could trigger a downside correction. An immediate support on the downside is near the $46,800 zone.

The next major support is seen near the USD 46,350 level. The main support is near the $46,000 level or the 50% Fib retracement level from the recent rally from the $44,468 swing low to $47,561 high. A downward breach below the $46,000 support zone could cause a decline towards the $45.0s00 support.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.

Key Support Levels – $46,000, followed by $45,000.

Major resistance levels – $47,200, $47,500 and $50,000.

Leave a Reply

Your email address will not be published. Required fields are marked *