Bitcoin price extended its increase, starting from $49,000. But it has also touched $48,330 during the early morning. Later, it even surpassed the $50,000 resistance level. Unfortunately, it failed to continue higher. Bitcoin is now trading at around $49,800 and the 100 hourly simple moving average.
A high was formed near $50,476 before the price started a downside correction. Besides, there was a break below a key bullish trend line with support near $49,000 on the hourly chart as above.
The next key support shall be near $48,250 and then $48,000. If there is a downside break below the $48,000 support level and the 100 hourly SMA, the price might start a fresh decline. However, if bitcoin can stay above $48,000 and the 100 hourly SMA, it could start an increase.
By now, the first major resistance is near the $49,900 level. A close above the $49,250 level could push the price towards $50,000. Any more gains could lead the price to the $51,000 resistance.
Hourly MACD – The MACD is gaining pace in the bullish zone.
Hourly RSI – The RSI is well above the 40-level.
Major Support Levels – $48,250, followed by $48,000.
Major Resistance Levels – $49,900, $50,000 and $50,400.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.