Bitcoin remained well bid above the $49,000 support against the US Dollar. BTC could start a fresh increase if it clears the $50,800 resistance zone.
Bitcoin is showing a few positive signs above the $49,000 support zone.
The price is now trading above $49,500 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $50,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if it is above the $49,000 level.
Bitcoin price corrected below the $50,000 support level from the $52,000 resistance zone. BTC broke the $49,500 support level, but the bulls were active above the $49,000 level.
The last swing high was formed near $51,955 before there was a downside correction. The price traded below the 50% Fib retracement level of the recent increase from the $47,210 swing low to $51,955 high. Bitcoin price also spiked below the $49,500 support and the 100 hourly simple moving average.
However, it was stable near the $49,000 level. The 61.8% Fib retracement level of the recent increase from the $47,210 swing low to $51,955 high also acted as a support.