Ta: why bitcoin price targets $ 50k, declines remain attractive

The price of Bitcoin started a new growth with support of $ 45,500 against the US dollar. BTC is likely to accelerate above the $ 48,000 resistance zone.

Bitcoin is trading well above resistance levels of $ 45,500 and $ 46,500.
The price is currently $ 47,000 and trades below the 100-hour simple moving average.
BTC / USD pair has a large upward trend line with support of $ 46 250 (data stream from Kraken) on the hourly chart.
The pair will push their growth above the big resistance zone of $ 48,000.

Bitcoin Price Gains Momentum

The price of Bitcoin continued to rise well above the support area of $ 45,500. BTC traded at $ 45,564 and recently launched new growth above the $ 46,200 resistance level.

On the hourly chart of the BTC / USD pair, there was a break above the downward trend line with resistance close to $ 46,500. The pair slid 61.8% Tuesday from a swing of $ 48,150 to a low of $ 45,564.

The pair are currently trading below $ 47,000 and below the 100-hour simple moving average. It is also on a downward motion, above the 76.4% Fibonacci correction level, from a swing of $ 48,150 to a Tuesday low of $ 45,564.

Source: BTCUSD on TradingView.com

On the positive side, sudden resistance is near the $ 48,000 level. The next significant resistance is 48 near the $ 150 level. The current price movement suggests that the price of bitcoin could quickly reach a high of $ 48,150. Under the scenario in question, the price is likely to accelerate further. The next big move could be $ 50,000.

Dips limited in BTC?

If Bitcoin doesn’t rise above resistance levels of $48,000 and $ 48,150, it could start with a downward correction. Initial support at the bottom is close to $ 47,000.

The first major boost is now close to the $ 46,500 zone. The main support is currently shaping up near the $ 46,250 level. There is also a large upward trend line on the same chart, with support around $ 46,250. If the price does not stay above trend line support, it may move

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