According to the Bitcoin analysis of March 29; Bitcoin gained momentum above the $47,000 resistance. According to technical analysis by NewsBTC’s Aayush Jindal, BTC is showing positive signals and it could rally towards the $50,000 resistance zone.
Bitcoin Broke $48,000
Staying strong above the $45,500 resistance zone, Bitcoin started a fresh increase above the $48,000 level. It formed a local top around $48,200 and is now consolidating its gains.
There was a minor decline below the $48,000 level. Bitcoin traded below the 23.6% Fib retracement level of the upward move from the $44,470 high to $48,200 high. Besides, there is a key bullish trend line forming with support near $46,200 on the hourly chart of the BTC/USD pair.
In the Bitcoin analysis of March 29, according to the analyst; BTC is facing resistance near the $48,000 level. The next major resistance could be near the $48,200 area. A successful break and close above the $48,200 level could push BTC towards $49,000. The next major resistance could be near the $49,500 level. Any further gains could open the doors for a move towards the $50,000 level.
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Are Drops Limited in Bitcoin?
Jindal says that if Bitcoin fails to break past the $48,200 resistance zone, it could start a downside correction. An immediate support is near the $47,000 region. The next major support is seen near the $46,350 level. This is close to the 50% Fib retracement level of the upward move from the $44,470 low to the $48,200 high. The main support is near the $46,000 level and the trend line. A downside break below the $46,000 support zone could send the price towards $45,000.
What Are Technical Indicators Saying?
- Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
- Major Support Levels – $47,000 then $46,000
- Major Resistance Levels – $48,200, $49,000 and $50,000
Note: You have come to the end of the Bitcoin analysis of March 29. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.