Why Bitcoin Could Start Fresh Increase and Revisit $50K

 2022-03-31 10:39:11

Bitcoin is consolidating below the $48,000 resistance. BTC could start a fresh rally if it clears the $48,000 resistance zone. The price even moved below the $47,000 level, but the bulls were active above the $46,800 levels.

 

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Bitcoin is now trading above $47,000 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $47,600 level.

 

There is also a major breakout pattern forming with resistance near $47,700 on the hourly chart of the BTC/USDT pair. The next major resistance could be near the $48,000 zone. A successful break and close above the triangle resistance and then $48,000 could start a strong increase.

 

The next major hurdle on the upside might be near the $49,200 level. Any more gains could send the price towards the key the $50,000 level. If bitcoin fails to clear the $47,700 resistance zone, it could correct further lower. An immediate support on the downside is near the $47,000 zone. The next major support is seen near the $46,800 level and the 100 hourly simple moving average.

 

The main support now sits near the $46,400 level. A downside break below the $46,400 support zone could send the price to $45,000 in the near term.

 

Technical indicators:

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

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

Major Support Levels – $46,800, followed by $46,400.

Major Resistance Levels – $47,700, $48,000 and $48,200.

 

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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