Analysis

Bitcoin Gains Momentum, Why Rally Isn’t Over Yet

Bitcoin began a recent improve from the $45,500 zone towards the US Dollar. BTC is rising and there could possibly be a robust transfer above the $50,000 resistance.

  • Bitcoin began a recent improve above the $48,500 resistance zone.
  • The price is now buying and selling above $48,000 and the 100 hourly easy shifting common.
  • There is a key rising channel forming with assist close to $48,750 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may speed up additional greater above the $50,000 resistance.

Bitcoin Price Extends Recovery

Bitcoin price shaped a base and began a recent improve above the $46,500 degree. BTC gained tempo for a transfer above the $47,500 degree and the 100 hourly easy shifting common.

The upward transfer was such that the price broke the $48,500 resistance. There was a transparent transfer above the 76.4% Fib retracement degree of the important thing decline from the $48,289 swing excessive to $45,600 low. The bulls even pushed the price above the $49,000 degree.

A excessive is shaped close to $49,600 and the price is now exhibiting loads of optimistic indicators. There can also be a key rising channel forming with assist close to $48,750 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

Bitcoin is buying and selling properly above the 23.6% Fib retracement degree of the upward transfer from the $48,295 swing low to $49,600 excessive. It is going through resistance close to the $49,600 zone. The subsequent key resistance could possibly be $50,000. A transparent transfer above the $50,000 resistance zone may set the tempo for a bigger improve. The subsequent main cease for the bulls could probably be close to the $51,200 degree.

Dips Limited In BTC?

If bitcoin fails to clear the $50,000 resistance zone, it may begin a recent draw back correction. An instant assist on the draw back is close to the $49,200 degree.

The first main assist is close to $49,000. It is close to the 50% Fib retracement degree of the upward transfer from the $48,295 swing low to $49,600 excessive. A draw back break under the $49,000 degree may push the price in direction of the $48,500 assist, under which the price may check $48,800.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is at present properly above the 50 degree.

Major Support Levels – $49,000, adopted by $48,500.

Major Resistance Levels – $49,600, $50,000 and $51,200.

Related posts

The Holi CoinEx Logo Contest Rounded off, CoinEx Celebrates Holi Together with Indian Users – NewsBTC

Crypto Advisor

Bitcoin Dives Below $40K, Why Bulls Could Struggle In Near Term

Crypto Advisor

Blockchain’s Maiden First-Person Shooter Game is Ready to Fire

Crypto Advisor

Leave a Comment