TA: Bitcoin Breaks $50K, Why BTC Could Continue To Gain Momentum


Bitcoin value began a gentle improve and it surpassed $50,000 in opposition to the US Dollar. BTC is more likely to stay properly bid and it would even clear $50,300

  • Bitcoin began an honest improve above the $48,000 and $48,500 resistance ranges.
  • The value is now buying and selling above $48,000 and the 100 hourly easy shifting common.
  • There is a significant bullish development line forming with assist close to $49,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might speed up additional larger if it clears the $50,500 resistance zone within the close to time period.

Bitcoin Price Gains Strength

Bitcoin value remained properly bid above the $46,000 assist zone. BTC shaped a base above $46,000 and it began a contemporary improve. There was a transparent break above the $48,000 resistance zone and the 100 hourly simple moving average.

The bulls gained power and had been capable of push the value above the principle $50,000 resistance. It traded as excessive as $50,300 and it’s now consolidating positive aspects.

An rapid assist is close to the $49,750. It is near the 23.6% Fib retracement degree of the current improve from the $48,033 swing low to $50,306 excessive. Bitcoin value is now buying and selling properly above $48,000 and the 100 hourly easy shifting common.

Source: BTCUSD on TradingView.com

There can also be a significant bullish development line forming with assist close to $49,200 on the hourly chart of the BTC/USD pair. On the upside, a right away resistance is close to the $50,300 degree. The first key resistance is close to the $50,500 degree, above which the bulls are more likely to purpose a bigger improve. The subsequent main cease for the bulls could possibly be $52,000.

Dips Supported in BTC?

If bitcoin fails to climb above the $50,300 and $50,500 resistance ranges, it might begin a draw back correction. An preliminary assist on the draw back is close to the $49,750 degree.

The first main assist is now close to the $49,200 zone. It is close to the development line and the 50% Fib retracement degree of the current improve from the $48,033 swing low to $50,306 excessive. If there’s a clear break beneath the development line assist, the value might revisit the $48,000 assist zone.

Technical indicators:

Hourly MACD – The MACD is gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now properly above the 60 degree.

Major Support Levels – $49,200, adopted by $48,000.

Major Resistance Levels – $50,300, $50,500 and $52,000.



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