TA: Bitcoin Bulls Keeps Pushing, Why Rally Isn’t Over Yet
September 16 2021 - 11:08PM
NEWSBTC
Bitcoin price remains well supported above the $47,000 zone against
the US Dollar. BTC must clear $48,500 to start a decent increase
towards the $50,000 level. Bitcoin corrected lower after it failed
to clear the $48,500 resistance zone. The price is still trading
above $47,000 and the 100 hourly simple moving average. There was a
break above a short-term declining channel with resistance near
$47,800 on the hourly chart of the BTC/USD pair (data feed from
Kraken). The pair could continue higher towards the $50,000 level
if it breaks the $48,500 resistance. Bitcoin Price Remains
Supported Bitcoin price gained pace after it cleared the $47,000
resistance level. BTC even surpassed the $48,000 resistance zone
and the 100 hourly simple moving average. However, the bears were
active near the $48,500 zone. The price traded as high as $48,481
before there was a downside correction. There was a break below the
$48,000 and $47,800 levels. The price even broke the 23.6% Fib
retracement level of the upward move from the $43,374 swing low to
$48,481 high. Bitcoin found support near the $47,200 level and
there was no downside continuation. As a result, there was a fresh
increase above the $47,500 level. Moreover, there was a break above
a short-term declining channel with resistance near $47,800 on the
hourly chart of the BTC/USD pair. An immediate resistance on the
upside is near the $48,000 level. The first major resistance is now
near the $48,500 level. Source: BTCUSD on TradingView.com To start
another increase, the price must clear the $48,500 resistance. If
there is a clear break above $48,500, the price could easily rise
towards the key $50,000 resistance in the coming sessions. Dips
Limited In BTC? If bitcoin fails to clear the $48,000 resistance
zone, it could start another downside correction. An immediate
support on the downside is near the $47,600 level and broken
channel trend line. If the price breaks the $47,600 level, it could
test the $47,200 support level. The next major support is near the
$46,000 zone or the 100 hourly simple moving average. Besides, 50%
Fib retracement level of the upward move from the $43,374 swing low
to $48,481 high is also near $45,900 to provide support. Technical
indicators: Hourly MACD – The MACD is slowly gaining pace in the
bullish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now above the 50 level. Major Support Levels – $47,200,
followed by $47,000. Major Resistance Levels – $48,000, $48,500 and
$50,000.
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