TA: Bitcoin Corrects Lower, Why BTC Could Rally Again

TA: Bitcoin Corrects Lower, Why BTC Could Rally Again


Bitcoin price extended its increase above $50,000 before correcting lower against the US Dollar. BTC could find bids near $48,250 and it might start a fresh rally.

Bitcoin started a fresh increase above the $49,500 and $50,000 resistance levels. The price is now trading above $48,500 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $49,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase as long as it is above the $48,000 support zone. Bitcoin Price Dips From $50K

Bitcoin price extended its increase above the $49,000 resistance zone. BTC even surpassed the $50,000 resistance zone, but it failed to continue higher.

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A high was formed near $50,364 before the price started a downside correction. There was a break below the $50,000 and $49,000 levels. Besides, there was a break below a key bullish trend

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