Bitcoin price rebounded above $ 48,000, but failed near $ 50,000 against the dollar.
BTC is currently earning over $ 47,000 and is likely to make another attempt to exceed $ 50,000.
Bitcoin consolidates gains above the $ 47,000 and $ 46,500 support levels.
The price is currently trading well above $ 47,000 and the 100 hourly simple moving average.
The hourly chart of the BTC / USD pair features a key bearish channel or bullish flag with resistance around $ 49,000
The pair could start a strong rise once it clears $ 49,000 and $ 50,000 in the near term.
If Bitcoin fails to break above the $ 49,000 and $ 50,000 resistance levels, there could be a new decline. The first key support on the downside is near the $ 47,500 level.
The next major support is near the $ 47,000 level and the 100 hourly simple moving average. The main breakout zone is currently forming near the $ 46,500 level, below which the price could drop to $ 43,000 in the near term.
Hourly MACD – The MACD is now 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 – $ 47,000 followed by $ 46,500.
Major Resistance Levels – $ 49,000, $ 50,000 and $ 52,000