- 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
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: BTCUSD on TradingView.com
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.
More Upsides in BTC?
If bitcoin stays above $50,500 and $49,500, it could start a fresh increase. An initial resistance on the upside is near the $51,500 level. The first major resistance is near the $52,000 level.
A successful close above the $52,000 resistance level could open the doors for a larger increase in the coming sessions. The next major resistance could be $53,200, followed by $54,500.
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $50,500, followed by $50,000.
Major Resistance Levels – $51,500, $52,000 and $53,200.