Bitcoin began a recent enhance above the $50,000 resistance in opposition to the US Dollar. BTC is exhibiting constructive indicators and there may very well be extra features in direction of $52,000.
- Bitcoin gained tempo after it broke the $49,500 resistance zone.
- The price is buying and selling nicely above $50,000 and the 100 hourly easy shifting common.
- There was a break a key declining channel with resistance close to $48,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might right decrease, however dips may be restricted beneath the $50,000 zone.
Bitcoin Price Gains Momentum
Bitcoin price fashioned a base and began a recent enhance above the $48,000 degree. BTC gained tempo for a transfer above the $48,200 degree and the 100 hourly easy shifting common.
Besides, there was a break a key declining channel with resistance close to $48,800 on the hourly chart of the BTC/USD pair. The pair rallied above the $50,000 resistance zone to maneuver right into a constructive zone. The bulls have been in a position to push the price above the $50,000 degree.
Bitcoin traded as excessive as $51,500 and at the moment consolidating features. It is nicely above the 23.6% Fib retracement degree of the current enhance from the $48,105 swing low to $51,500 excessive. It can also be buying and selling nicely above $50,000 and the 100 hourly easy shifting common.
Source: BTCUSD on TradingView.com
An instant resistance on the upside is close to the $51,500 degree. The subsequent key resistance may very well be $52,000. A transparent transfer above the $52,000 resistance zone might elevate the price additional increased. The subsequent main cease for the bulls could presumably be close to the $53,200 degree.
Dips Limited In BTC?
If bitcoin fails to clear the $51,500 resistance zone, it might begin a draw back correction. An instant help on the draw back is close to the $50,700 degree.
The first main help is close to $50,000. It is close to the 50% Fib retracement degree of the current enhance from the $48,105 swing low to $51,500 excessive. A draw back break beneath the $50,000 degree might enhance promoting strain within the close to time period. In the acknowledged case, the price could maybe decline in direction of the $48,800 help zone.
Technical indicators:
Hourly MACD – The MACD is slowly shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is nicely above the 50 degree.
Major Support Levels – $50,700, adopted by $50,000.
Major Resistance Levels – $51,500, $52,000 and $53,200.
