Bitcoin price recovered nicely after diving towards the $46,000 zone against the US Dollar. BTC is eyeing a fresh increase above $49,000 and it may even test the $50,000 barrier.

There was a sharp downside correction in bitcoin price from the $49,700 high. BTC dived below the $48,000 and $47,000 support levels. However, the bulls were active above $45,000 and $45,500.

A low was formed near $45,700 and the price recently started a steady increase. There was a break above the $47,000 resistance level. The price was able to climb back above the 50% Fib retracement level of the downward move from the $49,700 swing high to $45,700 low.

It is now trading above the $47,000 support, but it is below the 100 hourly simple moving average. An immediate resistance is near the $48,500 level. There is also a key bearish trend line forming with resistance near $48,500 on the hourly chart of the BTC/USD pair.

The next key resistance is near the $49,000 level. An intermediate resistance sits near the 76.4% Fib retracement level of the downward move from the $49,700 swing high to $45,700 low.

A successful break above the trend line and then a follow up move above the $49,000 level may possibly start a strong increase in the coming sessions. The next major barrier for the bulls is near $50,000.

If bitcoin fails to clear the trend line resistance or $49,000, it could start a fresh downside correction. An initial support is near the $48,000 level.

The first key support is near the $47,800 level and the 100 hourly simple moving average. Any more losses may possibly push the price lower towards the $47,000 support zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is 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 – $47,800, followed by $47,000.

Major Resistance Levels – $48,500, $49,000 and $50,000.

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