- Bitcoin price started a decent recovery from the $45,500 zone against the US Dollar.
- The price is now trading above $48,000 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $48,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could accelerate higher if it clears the $50,000 resistance zone.
Bitcoin price is rising above $48,000 against the US Dollar. BTC might continue to rise if there is a clear move above the $50,000 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $52,000 resistance zone. BTC traded below the $50,000 and $48,000 support levels to move again into a bearish zone.
However, the bulls remained active near the $45,500 zone. The price formed a base above $45,500 and started a fresh increase. It climbed above the 23.6% Fib retracement level of the key decline from the $59,118 swing high to $42,330 low.
There was also a break above a major bearish trend line with resistance near $48,000 on the 4-hours chart of the BTC/USD pair. It is now trading above $48,000 and the 55 simple moving average (4-hours).
On the upside, an initial resistance is near the $50,000 level. The main resistance is forming near the $50,800 zone. It is near the 50% Fib retracement level of the key decline from the $59,118 swing high to $42,330 low.
A close above the $50,800 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily and might even surpass the $52,000 level.
An immediate support on the downside is near the $48,500 level. The next key support is near the $47,000 level. If the price fails to stay above $47,000, it could extend losses in the near term. The next major support sits near $45,500, below which there is a risk of a move towards the $42,500 level.
Looking at the chart, bitcoin price is clearly trading above $48,000 and the 55 simple moving average (4-hours). Overall, the price could accelerate higher if it clears the $50,000 resistance zone.
Technical indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $48,500 and $47,000.
Key Resistance Levels – $50,000, $50,800 and $52,000.
