This week Bitcoin USD price attempted to break above the key resistance level near $50,000. After reaching $52,250, Bitcoin price started its decline.
Currently traded at $48,000, Bitcoin bounced from the 61.% Fib retracement level of its recent swing low at $43,016 to $52,666 swing high. It now has also broken above from the descending channel.
What does it mean:
The price momentum is likely to continue higher with the first initial resistance at $49,000 which is the hourly 100- simple moving average. A successful break above the $49,000-$49,500 level could push Bitcoin prices to retest the recent high at $52,500. If bulls are able to break this zone, the momentum would continue to test resistance at $55,000.
$55,000 could act as the main resistance and put a lot of pressure on bulls. This price level is76.% Fib retracement of $58,367 swing high to $43,016 swing low.
Dips supported in BTC USD:
In the following trading sessions, if bulls fail to break above the $49,000 zone, Bitcoin price could push further down towards $46,500. If the BTC price does not stabilize in this area, it could drop further to $45,000.
Check here for the live BTC USD price chart.
Technical indicators:
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Based on the hourly BTC/USD price chart, though MACD is in the negative zone, it shows signs of upward momentum. Hourly RSI of BTC USD is also inching towards 50 and soon to cross the 50 level mark.
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Major support: $46,500 and $45,000.
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Major resistance: $49,000 ($49,500), followed by $52,500 and $55,000.
