From the hourly chart above, Bitcoin prices are almost soaring after forming a double bottom pattern near the $45,500 zone, rising by 6.6% within 18 hours. Bitcoin price is now trading near $48,500 and much higher than the 100 hourly simple moving average. The bulls are active in the near term.
However, it is facing resistance near the $48,600 zone. To continue higher, the price must gain strength for a move above the $48,600 level in the near term. The next key resistance could be $49,000, above which the price might rise towards the $50,000 resistance.
If bitcoin fails to clear the $48,600 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $47,000 level. A downside break below the $47,000 level could push the price towards the $46,500 support.
Hourly MACD – The MACD is quickly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently above the 50 level.
Major Support Levels – $47,000, followed by $46,500.
Major Resistance Levels – $48,600, $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.