Bitcoin price started a fresh upward move from the $44,000 zone against the US Dollar. BTC traded to a new all-time high near $48,680 and it is likely to continue higher towards $50,000.

• Bitcoin is showing a lot of positive signs above the $46,000 and $47,500 resistance levels.
• The price is trading above the $48,000 resistance and the 100 hourly simple moving average.
• There is a key contracting triangle pattern forming with support near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is likely to continue higher towards the $50,000 level as long as it is above $47,000.

Bitcoin Price is Eyeing More Upsides

After correcting lower towards the $44,000 level, bitcoin price started a fresh upward move. BTC broke the $46,000 resistance level and remained stable above the 100 hourly simple moving average.

As a result, the bulls were able to push the price above the $47,000 and $47,500 resistance levels. The price is now trading nicely above $48,000 and it even carved a new all-time high at $48,680. It is now consolidating gains above the $48,000 level.

An initial support is near the $47,570 level. It is close to the 23.6% Fib retracement level recent wave from the $44,005 swing low to $48,680 high. There is also a key contracting triangle pattern forming with support near $47,000 on the hourly chart of the BTC/USD pair.

The triangle support is close to the 50% Fib retracement level recent wave from the $44,005 swing low to $48,680 high. On the upside, the $48,500 region is a short-term resistance. The next key resistance might be near the $49,400 level. The overall price action suggests that bitcoin bulls might aim a test of $50,000 in the near term.

Dips Limited in BTC?

If bitcoin fails to continue higher, it could correct lower below the $47,500 level. The first major support is near the $47,000 level and the triangle lower trend line. The main support is now forming near the $45,000 level or the 100 hourly simple moving average. Any more losses could open the doors for a drop below the $44,000 support in the near term. Technical indicators: Hourly MACD – The MACD is slowly gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $47,000, followed by $45,000. Major Resistance Levels – $48,500, $49,400 and $50,000.