Bitcoin price gained bullish momentum above the $50,000 resistance against the US Dollar. BTC traded towards $52,000 and it remains supported for more upsides.
- Bitcoin started a fresh increase above the $50,000 and $50,500 resistance levels.
- The price is now trading well above $50,000 and the 100 hourly simple moving average.
- There is a key rising channel forming with support at $50,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct a few points, but the bulls are likely to protect $50,000 and $49,500.
Bitcoin Price Starts Fresh Increase
After a strong close above the $48,000 level, bitcoin started a fresh increase. BTC was able to clear the key $50,000 and $50,500 resistance levels to move into a positive zone.
There was also a break above a major bearish trend line with resistance near $48,400 on the hourly chart of the BTC/USD pair. The pair extended its rise above the $51,000 level and traded to a new weekly high at $51,853.It is now correcting lower, but it is trading well above $50,000 and the 100 hourly simple moving average. An initial support is near the $50,750 level. It is close to the 23.6% Fib retracement level of the upward wave from the $47,141 swing low to $51,853 high.
Source:There is also a key rising channel forming with support at $50,500 on the same chart. The next major support is near the $50,000 level. Any more losses may possibly lead the price towards the 50% Fib retracement level of the upward wave from the $47,141 swing low to $51,853 high near $49,500. The main support is now forming near the $48,800 level and the 100 hourly simple moving average.
