Bitcoin Spikes Higher, Why Bulls Could Aim Larger Increase To $52K
Bitcoin started an upside correction above the $48,000 resistance zone against the US Dollar. BTC could gain pace if there is a close above the $50,000 level.
Bitcoin started a decent increase above the $47,500 and $48,000 levels.
The price is now trading above $48,500 and the 100 hourly simple moving average.
There was a break above a connecting bearish trend line with resistance near $48,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate higher if there is a close above the $50,000 resistance zone.
Bitcoin price started a recovery wave above the $47,500 resistance zone. BTC bulls gained strength for a move above the $48,000 resistance zone.
The upward move was such that the price broke the Fib retracement level of the recent decline from the $48,762 swing high to $46,666 low. Besides, there was a break above a connecting bearish trend line with resistance near $48,200 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $48,500 and the 100 hourly simple moving average. It is testing the $49,250 resistance zone. It seems like the 1.236 Fib extension level of the recent decline from the $48,762 swing high to $46,666 low is acting as a resistance.
The first major resistance is near the $49,500 level. The next key resistance could be $50,000. A proper break above the $50,000 resistance could open the doors for more upsides. The next key resistance is near the $51,200 level, above which the price may possibly rise towards $52,000.
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