TA: Bitcoin Price Just Reversed and $50K Is Imminent, Here’s Why

Bitcoin price started a steady increase above the $47,000 resistance against the US Dollar. BTC even broke $48,000 and it might continue to rise in the near term. Bitcoin started a steady increase above the $46,000 and $47,000 resistance levels. The price is now trading above $47,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $48,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate higher towards the $50,000 level if it breaks the $48,500 resistance. Bitcoin Price Gains Traction Bitcoin price started a steady increase above the $46,000 resistance level. BTC was able to clear the $47,000 resistance zone and the 100 hourly simple moving average. Finally, there was a clear break above the $48,000 resistance zone. The price traded as high as $48,481 and it is now consolidating gains. An immediate support on the downside is near the $48,000 level. There is also a key bullish trend line forming with support near $48,000 on the hourly chart of the BTC/USD pair. Bitcoin is also trading well above the 23.6% Fib retracement level of the upward wave from the $43,375 swing low to $48,481 high. An immediate resistance on the upside is near the $48,200 level. Source: BTCUSD on TradingView.com The first major resistance is now near the $48,500 zone. To continue higher, bitcoin must clear the $48,500 resistance. If the bulls succeed, the price...