THE DAILY ENCRYPT

October 3, 2022

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

blue and white light streaks
Photo by Anton Maksimov 5642.su

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 on TradingView.com

The next major resistance could be near the $49,200 level. Any more gains could open the doors for a move towards the $50,000 level.

Dips Supported in BTC?

If bitcoin fails to clear the $47,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $46,800 zone.

The next major support is seen near the $46,350 level. The main support is near the $46,000 level or the 50% Fib retracement level of the recent rally from the $44,468 swing low to $47,561 high. A downside break below the $46,000 support zone could start a drop towards the $45,0s00 support.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.

Major Support Levels – $46,000, followed by $45,000.

Major Resistance Levels – $47,200, $47,500 and $50,000.

admin

admin

admin

admin

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Latest News
PRESS RELEASES