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

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

Bitcoin started a fresh increase above the $45,000 resistance against the US Dollar. BTC even broke $47,000 and is showing positive signs.

Bitcoin started a fresh increase after it broke the $45,000 resistance zone.
The price is trading above $45,500 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $45,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise and might even clear the $48,000 resistance zone.

Bitcoin Price Rallies 5%

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

It opened the doors for more upsides above the $46,500 level. The price even jumped above the $47,000 level and settled above the 100 hourly simple moving average. A high was formed near $47,561 and the price is now consolidating gains.

Bitcoin tested the 23.6% Fib retracement level of the recent rally from the $44,468 swing low to $47,561 high. Besides, there is a major bullish trend line 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 $47,200 level. The next major resistance could be near the $47,500 zone. A successful break and close above the $47,600 level might spark another increase. In the stated case, the price might 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 towards the $50,000 level.

Dips Supported in BTC?

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

The next major support is seen near the $46,350 level. The main support is near the $46,000 level or the 50% Fib retracement level of the recent rally from the $44,468 swing low to $47,561 high. A downside break below the $46,000 support zone could start a drop 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.

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

Major Resistance Levels – $47,200, $47,500 and $50,000.

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