Bitcoin followed a bullish move. BTC broke the $ 50,000 resistance. This rise could bring Bitcoin to the level of $ 52,000.
Bitcoin could increase even more
Bitcoin broke the all-time record at $ 50,600. The price is trading at $ 50,000.
Looking at the hourly chart of the BTC / USD pair, there is a break above a key contract triangle with resistance near $ 49,500.
As long as the pair is above the $ 48,000 support, it will likely continue to rise towards $ 52,000.
Any further increase in bitcoin could push the price above the $ 51,000 level. The next key resistance is located at the $ 52,000 level.
If Bitcoin fails to move above the $ 50,000 and $ 50,200 levels, it could experience a downside correction. Initial support is located near the $ 49,500 level and the broken triangle trend line.
A downside break below the $ 49,500 level could push the price towards the support at the $ 48,000 level. The 100 hourly simple moving average also stands around $ 48,000 to provide support.
Hourly MACD: The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently well above the 50 level.
Major Support Levels: $ 49,500 followed by $ 49,000.
Major Resistance Levels: $ 50,500, $ 51,000 and $ 52,000.