Bitcoin Saw Key Technical Breakout: Big Reaction From Bulls Imminent

 2022-03-29 11:04:47

Bitcoin gained pace above the $47,000 resistance. BTC is showing positive signs and might rally towards the $50,000 resistance zone.

 

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Bitcoin price remained strong above the $45,500 resistance zone. BTC started a fresh increase and was able to clear the $46,500 resistance zone. The upward move gained pace above the $46,500 level and the price settled above the 100 hourly simple moving average. Finally, it spiked above the $48,000 level. A high was formed near $48,200 and the price is now consolidating gains.

 

There was a minor drop below the $48,000 level. Besides, there is a crucial bullish trend line forming with support near $46,200 on the hourly chart of the BTC/USDT pair.

 

On the upside, the price is facing resistance near the $48,000 level. The next major resistance could be near the $48,200 zone. A successful break and close above the $48,200 level might push the price towards $49,000. The next major resistance could be near the $49,500 level. Any more gains could open the doors for a move towards the $50,000 level.

 

If bitcoin fails to clear the $48,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $47,000 zone. The next major support is seen near the $46,350 level. The main support is near the $46,000 level and the trend line. A downside break below the $46,000 support zone could send the price to $45,000.

 

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is now above the 50 level.

Major Support Levels – $47,000, followed by $46,000.

Major Resistance Levels – $48,200, $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.


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