Bitcoin price started a fresh increase from the $45,500 support against the US Dollar. BTC is likely to accelerate higher above the $48,000 resistance zone.
- Bitcoin is trading nicely above the $45,500 and $46,500 resistance levels.
- The price is now trading below $47,000 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $46,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to extend its increase above the main $48,000 resistance zone.
Bitcoin Price Gains Momentum
Bitcoin price remained well bid above the $45,500 support zone. BTC traded as low as $45,564 and it recently started a fresh increase above the $46,200 resistance level.
There was a break above a connecting bearish trend line with resistance near $46,500 on the hourly chart of the BTC/USD pair. The pair even cleared the 61.8% Fib retracement level of the downward move from the $48,150 swing high to $45,564 low.The pair is now trading below $47,000 and the 100 hourly simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $48,150 swing high to $45,564 low.
Source:An immediate resistance on the upside is near the $48,000 level. The next key resistance is near the $48,150 level. The current price action suggests that bitcoin price may soon clear the $48,150 high. In the stated scenario, the price is likely to accelerate higher. The next main resistance could be $50,000.
