Why Bitcoin Price Could Rally To New ATH Above $50K
Bitcoin price remained in a bullish zone above the $45,000 support against the US Dollar. BTC is eyeing a fresh rally above the $48,000 and $50,000 resistance levels in the near term.
- Bitcoin climbed above the $48,000 resistance, but it struggled to continue higher towards $50,000.
- The price is trading nicely above the $45,000 level and the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $46,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong rally if it manages to clear the $48,000 and $48,500 resistance levels.
Bitcoin Price is Eyeing More Upsides
This past week, bitcoin price made an attempt to test the $50,000 level against the US Dollar. The BTC/USD pair broke the $48,000 resistance, but there was a lack in momentum.
A new all-time high was formed near $48,700 before the price started a downside correction. There was a break below the $47,000 support. The price traded below the 23.6% Fib retracement level of the upward move from the $43,773 swing low to $48,700 high.
Source: BTCUSD on TradingView.com
Bitcoin price is now trading nicely above the $45,000 level and the 100 simple moving average (4-hours). On the downside, there is a decent support forming near the $46,000 level.
There is also a major bullish trend line forming with support near $46,000 on the 4-hours chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $43,773 swing low to $48,700 high.
On the upside, the $48,000 and $48,500 levels are important hurdles. A clear break above the $48,000 level is likely to increase the chances of a surge above the $50,000 level in the coming sessions.
Dips Supported in BTC?
If bitcoin struggles to clear the $48,000 resistance level, there are chances of a downside correction. The first major support is near the trend line and $46,000.
The next major support is near the $45,000 level. If there is a clear break and close below the $45,000 support, the price could decline 5%-10%. The next major support on the downside is near the $41,000 level.
Technical indicators
4 hours MACD – The MACD for BTC/USD is likely to gain strength in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.
Major Support Level – $46,000
Major Resistance Level – $48,000
OhNoCrypto
via https://www.ohnocrypto.com
Aayush Jindal, @KhareemSudlow
