Bitcoin price extended its increase above $49,000 against the US Dollar. BTC might continue to rally and it could even surpass the $50,000 resistance in the near term. Bitcoin climbed higher above the $47,500 and $48,500 resistance levels. The price is now trading above $48,000 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $48,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower, but it might find support near $47,400 or $47,000. Bitcoin Price Remains In Uptrend Bitcoin price started a strong increase above the $46,500 resistance level. BTC broke the $47,500 resistance level and settled above the 100 hourly simple moving average. It even climbed above $49,000 before correcting lower. However, downsides were limited below the $46,500 support zone. A low was formed near $46,895 and the price started a fresh increase. It climbed higher above the $47,500 and $48,500 resistance levels. Bitcoin is now trading above $48,000 and the 100 hourly simple moving average. A high is formed near $49,750 and it is now consolidating gains. An immediate support on the downside is near the $49,000 level. It is close to the 23.6% Fib retracement level of the recent wave from the $46,895 swing low to $49,750 high. There is also a major bullish trend line forming with support near $48,400 on the hourly chart of the BTC/USD pair. Source: BTCUSD on T...
