Bitcoin Consolidates, Why BTC Could Start A Fresh Increase

Bitcoin worth is holding the $48,000 assist zone towards the US Dollar. BTC should clear $49,500 and $49,750 to begin a contemporary improve within the close to time period.

  • Bitcoin broke the $48,500 resistance, nevertheless it confronted hurdles close to $49,500.
  • The worth is now buying and selling above $48,500 and the 100 hourly easy shifting common.
  • There is a serious bullish pattern line forming with assist close to $48,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may begin a contemporary improve except it clears the $48,000 assist and the 100 hourly SMA.

Bitcoin Price Holds Key Support

Bitcoin worth shaped a base above the $48,000 and began a contemporary improve. BTC broke the $49,000 resistance and settled above the 100 hourly easy shifting common.

However, the worth failed to achieve energy above the $49,500 stage. A excessive was shaped close to $49,657 earlier than the worth began a draw back correction. There was a drop under the $49,000 assist stage. The worth moved under the 23.6% Fib retracement stage of the upward transfer from the $46,486 swing low to $49,657 excessive.

Bitcoin is now buying and selling above $48,500 and the 100 hourly easy shifting common. There can be a serious bullish pattern line forming with assist close to $48,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The subsequent key assist is close to the $48,000 zone and the 100 hourly easy shifting common. It is near the 50% Fib retracement stage of the upward transfer from the $46,486 swing low to $49,657 excessive. If there’s a draw back break under the $48,000 assist zone, the worth may proceed to maneuver down. The subsequent main assist is close to the $46,550 stage.

Fresh Increase In BTC?

If bitcoin stays above the $48,000 assist zone, it may begin a contemporary improve. An fast resistance on the upside is close to the $49,000 stage.

The first main resistance is close to the $49,350 stage. The foremost resistance is close to the $49,500 stage. A clear break above the $49,500 stage may set the tempo for extra positive factors. In the acknowledged case, the worth may even surpass the $50,000 zone.

Technical indicators:

Hourly MACD – The MACD is shedding tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is slightly below the 50 stage.

Major Support Levels – $48,500, adopted by $48,000.

Major Resistance Levels – $49,000, $49,350 and $49,500.

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About the Author: Daniel