Bitcoin price formed a support base near the $49,500 level and started a fresh increase. BTC broke the key $50,000 resistance zone and the 100 hourly simple moving average to move into a positive zone.
There was also a break above a major bearish trend line with resistance near $50,000 on the hourly chart of the BTC/USD pair. The pair climbed higher nicely above the $51,000 and $51,500 levels. It traded close to $52,000 and a high is formed near $51,950.
Bitcoin is now consolidating below the $52,000 resistance. An initial support is near the $51,500 level. The next support could be the 23.6% Fib retracement level of the upward move from the $49,512 swing low to $51,950 high.
The main support is now forming near the $50,600 level. It is close to the 50% Fib retracement level of the upward move from the $49,512 swing low to $51,950 high. If there is a downside break below the $50,600 support zone, the price could extend its decline. In the stated case, the price could test the $50,000 support and the 100 hourly SMA.
More Upsides In BTC?
If bitcoin stays above the $50,600 support zone and the 100 hourly SMA, it could rise further. An immediate resistance on the upside is near the $51,950 level.
The first major resistance is near the $52,000 level. A close above the $52,000 level could pump the price further in the near term. The next major hurdle for the bulls could be near the $53,200 zone.
Hourly MACD – The MACD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is in the overbought zone.
Major Support Levels – $51,350, followed by $50,600.
Major Resistance Levels – $51,950, $52,000 and $53,200.