TA: Bitcoin Gains Momentum, Why Rally Isn’t Over Yet

Bitcoin started a fresh increase from the $45,500 zone against the US Dollar. BTC is rising and there could be a strong move above the $50,000 resistance. Bitcoin started a fresh increase above the $48,500 resistance zone. The price is now trading above $48,000 and the 100 hourly simple moving average. There is a key rising channel forming with support near $48,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further higher above the $50,000 resistance. Bitcoin Price Extends Recovery Bitcoin price formed a base and started a fresh increase above the $46,500 level. BTC gained pace for a move above the $47,500 level and the 100 hourly simple moving average. The upward move was such that the price broke the $48,500 resistance. There was a clear move above the 76.4% Fib retracement level of the key decline from the $48,289 swing high to $45,600 low. The bulls even pushed the price above the $49,000 level. A high is formed near $49,600 and the price is now showing a lot of positive signs. There is also a key rising channel forming with support near $48,750 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com Bitcoin is trading well above the 23.6% Fib retracement level of the upward move from the $48,295 swing low to $49,600 high. It is facing resistance near the $49,600 zone. The next key resistance could be $50,000. A clear move above the $50,000 resistance zone ...