Bitcoin price started a steady increase above the $47,000 resistance from yesterday. BTC even broke $48,000 a few hours ago and it is showing the trend to rise further in the near term cause it is trading well above the 100 hourly simple moving average. The immediate resistance line is at $49,000. If it can turn $49K to the support line, there is a great potential that Bitcoin price can skyrocket to $50,000 again.
However, if Bitcoin fails to break the nearest $48,500 resistance line, it could start a downside correction and hover around the range of $47,000-$48,000. In this seemly upside trend, $47,000 is an initial support line. If the price fails to stand still above $47,000, it could test the $46,500 support level.
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI is now well above the 50-level.
Major Support Levels – $47,500, followed by $47,000.
Major Resistance Levels – $48,500, $49,000 and $50,000.
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.