Bitcoin Price Is Approaching To $50K, Is Bull On The Way?
Bitcoin price started a steady increase above the $47,000 resistance from yesterday. BTC even broke $48,000 a few hours ago and it is showing the trend to rise further in the near term cause it is trading well above the 100 hourly simple moving average. The immediate resistance line is at $49,000. If it can turn 
49K to the support line, there is a great potential that Bitcoin price can skyrocket to $50,000 again.
However, if Bitcoin fails to break the nearest $48,500 resistance line, it could start a downside correction and hover around the range of $47,000-$48,000. In this seemly upside trend, $47,000 is an initial support line. If the price fails to stand still above $47,000, it could test the $46,500 support level.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI is now well above the 50-level.
Major Support Levels – $47,500, followed by $47,000.
Major Resistance Levels – $48,500, $49,000 and $50,000.
49K to the support line, there is a great potential that Bitcoin price can skyrocket to $50,000 again.However, if Bitcoin fails to break the nearest $48,500 resistance line, it could start a downside correction and hover around the range of $47,000-$48,000. In this seemly upside trend, $47,000 is an initial support line. If the price fails to stand still above $47,000, it could test the $46,500 support level.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI is now well above the 50-level.
Major Support Levels – $47,500, followed by $47,000.
Major Resistance Levels – $48,500, $49,000 and $50,000.
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