A new multi-week high was formed near $50,339 and the price is now consolidating gains. There was a minor decline below the $50,000 level. The price is still above the 23.6% Fib retracement level of the recent rally from the $47,642 swing low to the $50,339 high.
Bitcoin price is now trading above $48,800 and the 100 hourly Simple moving average. There is also a short-term rising channel forming with support at $49,750 on the hourly chart of the $BTC/USD pair.
Source: BTCUSD on TradingView.com
Immediate resistance is near the $50,250 level. The next key resistance could be $50,400, above which the price could start another decent increase. The next stop for the bulls may perhaps be $51,200. A clear move above the $51,200 resistance could send the price toward the $52,000 resistance. The next resistance could be near the $53,000 level.
Downside Correction In $BTC?
If Bitcoin fails to rise above the $50,250 resistance zone, it could start a downside correction. Immediate support on the downside is near the $49,750 level or the channel trend line.
The first major support is $49,000 and the 50% Fib retracement level of the recent rally from the $47,642 swing low to the $50,339 high. If there is a close below $49,000, the price could gain bearish momentum. In the stated case, the price could dive toward the $47,650 support.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for $BTC/USD is now above the 50 level.
Major Support Levels – $49,750, followed by $49,000.
Major Resistance Levels – $50,250, $50,400, and $51,200.
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