Bitcoin price started a fresh upper real move from the $44,000 zone against the US Dollar. According to market analyst Aayush Jindal, who has made successful claims, Bitcoin price has risen to a new all-time high near $48,680 and is expected to continue its real rise to $50,000.
- Bitcoin price is showing many positive signs above the $46,000 and $47,500 resistance levels.
- Price traded above the $47,000 resistance and the 100 hourly easy moving average. There is a precious contract triangle pattern forming with reinforcement near $47,000 on the hourly chart of
- BTC/USD (data feed from Kraken).
- According to the analyst, it looks like the pair will continue to rise real towards the $50,000 level as long as it is above $47,000.
Analyst: Bitcoin price may continue to rise to $50,000 without fail
After correcting the actual drop to $44,000, Bitcoin price started a new upward movement. BTC broke the $46,000 resistance level and remained stable above the 100 hourly easy moving average. As a result, the bulls pushed the price above the $47,000 and $47,500 resistance levels. The price is currently trading above $47,000. BTC hit an all-time high at $48,680.
Currently, BTC is consolidating benefits above the $47,000 level. The first reinforcement is close to the $47,200 level, according to the analyst. The 23.6% Fib retracement level of the last wave from the $44,005 high to $48,680 high. Also, there is a valuable contract triangle pattern forming with support near $47,000 on the hourly chart of the BTC/USD pair.
Here are the levels Bitcoin price could see soon
Triangle reinforcement is near the 50% Fib retracement level of the recent wave from $44,005 to $48,680. On the upside, the $48,500 zone is a short-term resistance. The next key resistance could be near the $49,400 level. The overall price action suggests that Bitcoin bulls may target a test of $50,000 in the near term.
Bitcoin price could correct below the $47,200 level if it fails to continue higher, according to the analyst. The first major reinforcement is near the $47,000 level and the lower triangle trendline. The main underlying is currently forming near the $45,000 level or the 100 hourly easy moving average. More losses could open the way for a real drop to the $44,000 support in the near term.
Current view of Bitcoin price with technical indicators
Hourly MACD: The MACD for BTC/USD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently above the 50 level.
Base Levels: $47,000 followed by $45,000.
Major Levels of Resistance: $48,500, $49,400 and $50,000.