{"id":139021,"date":"2021-09-17T09:20:43","date_gmt":"2021-09-17T09:20:43","guid":{"rendered":"https:\/\/precoinnews.com\/?p=139021"},"modified":"2021-09-17T09:20:43","modified_gmt":"2021-09-17T09:20:43","slug":"ta-bitcoin-bulls-keeps-pushing-why-rally-isnt-over-yet","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-bulls-keeps-pushing-why-rally-isnt-over-yet\/","title":{"rendered":"TA: Bitcoin Bulls Keeps Pushing, Why Rally Isn\u2019t Over Yet"},"content":{"rendered":"<p><em>Bitcoin price remains well supported above the $47,000 zone against the US Dollar. BTC must clear $48,500 to start a decent increase towards the $50,000 level.<\/em><\/p>\n<ul>\n<li>Bitcoin corrected lower after it failed to clear the $48,500 resistance zone.<\/li>\n<li>The price is still trading above $47,000 and the 100 hourly simple moving average.<\/li>\n<li>There was a break above a short-term declining channel with resistance near $47,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could continue higher towards the $50,000 level if it breaks the $48,500 resistance.<\/li>\n<\/ul>\n<h2>Bitcoin Price Remains Supported<\/h2>\n<p>Bitcoin price gained pace after it cleared the $47,000 resistance level. BTC even surpassed the $48,000 resistance zone and the 100 hourly simple moving average.<\/p>\n<p>However, the bears were active near the $48,500 zone. The price traded as high as $48,481 before there was a downside correction. There was a break below the $48,000 and $47,800 levels. The price even broke the 23.6% Fib retracement level of the upward move from the $43,374 swing low to $48,481 high.<\/p>\n<p>Bitcoin found support near the $47,200 level and there was no downside continuation. As a result, there was a fresh increase above the $47,500 level.<\/p>\n<p>Moreover, there was a break above a short-term declining channel with resistance near $47,800 on the hourly chart of the BTC\/USD pair. An immediate resistance on the upside is near the $48,000 level. The first major resistance is now near the $48,500 level.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/09\/Bitcoin-12.png\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>To start another increase, the price must clear the $48,500 resistance. If there is a clear break above $48,500, the price could easily rise towards the key $50,000 resistance in the coming sessions.<\/p>\n<h2>Dips Limited In BTC?<\/h2>\n<p>If bitcoin fails to clear the $48,000 resistance zone, it could start another downside correction. An immediate support on the downside is near the $47,600 level and broken channel trend line. If the price breaks the $47,600 level, it could test the $47,200 support level.<\/p>\n<p>The next major support is near the $46,000 zone or the 100 hourly simple moving average. Besides, 50% Fib retracement level of the upward move from the $43,374 swing low to $48,481 high is also near $45,900 to provide support.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $47,200, followed by $47,000.<\/p>\n<p>Major Resistance Levels \u2013 $48,000, $48,500 and $50,000.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-bulls-keeps-pushing-50k\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price remains well supported above the<\/p>\n","protected":false},"author":3,"featured_media":139020,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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