\n<\/p>\n

Bitcoin price found support near $47,150 and started a fresh increase against the US Dollar. BTC must settle above the 100 hourly SMA to continue higher.<\/p>\n

\n
• Bitcoin extended its decline and tested the $47,200 support zone.<\/li>\n
• The price is now trading near $48,800 and the 100 hourly simple moving average.<\/li>\n
• There was a break above a key bearish trend line with resistance near $48,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
• The pair could extend its increase if there is a clear break above $49,200 and the 100 hourly SMA.<\/li>\n<\/ul>\n

  Bitcoin Price Regains Strength<\/p>\n

  Bitcoin price started a steady decline below the $48,000 support. BTC even extended its decline below $47,500, but the bulls were active near $47,200.<\/p>\n

  A low was formed near $47,165 and the price started a fresh increase. It broke the $48,000 and $48,500 resistance levels. There was a break above the 50% Fib retracement level of the downward move from the $50,520 swing high to $47,165 low.<\/p>\n

  Besides, there was a break above a key bearish trend line with resistance near $48,850 on the hourly chart of the BTC\/USD pair. The pair even tested the $49,200 resistance zone.<\/p>\n

  Bitcoin is now trading near $48,800 and the 100 hourly simple moving average. The first major resistance is near the $49,200 level. It is close to the 61.8% Fib retracement level of the downward move from the $50,520 swing high to $47,165 low.<\/p>\n<\/p>\n

  Source: BTCUSD on TradingView.com<\/p>\n

  A clear break above the $49,200 resistance and a close above the 100 hourly SMA could open the doors for a steady increase. The next major stop for the bulls could be $50,000.<\/p>\n

  Fresh Decline in BTC?<\/p>\n

  If bitcoin fails to climb above the $49,200 resistance, it could start a fresh increase. On the downside, an immediate support is near the $48,500 level.<\/p>\n

  The first key support is near the $48,000 level. If there is a downside break below the $48,000 level, the price could continue to move down. The next major support is near the $47,200 level. Any more losses could open the doors for a move towards the $46,500 support zone in the near term.<\/p>\n

  Technical indicators:<\/p>\n

  Hourly MACD \u2013 The MACD is losing pace in the bullish zone.<\/p>\n

  Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

  Major Support Levels \u2013 $48,500, followed by $48,000.<\/p>\n

  Major Resistance Levels \u2013 $49,000, $49,200 and $50,000.<\/p>\n

  
  \n
  Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

  Bitcoin price found support near $47,150 and started a fresh increase against the US Dollar. BTC must settle above the 100 hourly SMA to continue higher. Bitcoin extended its decline and tested the $47,200 support zone. The price is now trading near $48,800 and the 100 hourly simple moving average. There was a break above […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[383,36,1268,1752,427,1262],"class_list":{"0":"post-4940","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-market","7":"tag-attempts","8":"tag-bitcoin","9":"tag-fresh","10":"tag-increase","11":"tag-key","12":"tag-sma"},"_links":{"self":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts\/4940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/comments?post=4940"}],"version-history":[{"count":0,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts\/4940\/revisions"}],"wp:attachment":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/media?parent=4940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/categories?post=4940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/tags?post=4940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}