Crypto-Follow logo Crypto-Follow logo
NewsBTC 2022-03-28 03:18:14

TA: Bitcoin Breaks $47K, Can Bulls Aim $50K?

Bitcoin started a fresh increase above the $45,000 resistance against the US Dollar. BTC even broke $47,000 and is showing positive signs. Bitcoin started a fresh increase after it broke the $45,000 resistance zone. The price is trading above $45,500 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $45,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise and might even clear the $48,000 resistance zone. Bitcoin Price Rallies 5% Bitcoin price formed a support base above the $43,500 level. BTC started a fresh increase and was able to clear the key $45,000 resistance zone. It opened the doors for more upsides above the $46,500 level. The price even jumped above the $47,000 level and settled above the 100 hourly simple moving average. A high was formed near $47,561 and the price is now consolidating gains. Bitcoin tested the 23.6% Fib retracement level of the recent rally from the $44,468 swing low to $47,561 high. Besides, there is a major bullish trend line forming with support near $45,200 on the hourly chart of the BTC/USD pair. On the upside, the price is facing resistance near the $47,200 level. The next major resistance could be near the $47,500 zone. A successful break and close above the $47,600 level might spark another increase. In the stated case, the price might even clear the $48,000 resistance level. Source: BTCUSD...

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer