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 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.

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 could set the pace for a larger increase. The next major stop for the bulls may possibly be near the $51,200 level.

If bitcoin fails to clear the $50,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $49,200 level.

The first major support is near $49,000. It is near the 50% Fib retracement level of the upward move from the $48,295 swing low to $49,600 high. A downside break below the $49,000 level could push the price towards the $48,500 support, below which the price could test $48,800.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.

Major Support Levels – $49,000, followed by $48,500.

Major Resistance Levels – $49,600, $50,000 and $51,200.

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