Analysis

Bitcoin Steadies Above $50K, Why Bulls Aim Fresh Monthly High

Bitcoin is holding positive factors above the $50,000 resistance towards the US Dollar. BTC is displaying optimistic indicators and there might be extra positive factors above $52,000.

  • Bitcoin settled above the $50,000 resistance zone and dips remained supported.
  • The price is buying and selling properly above $50,000 and the 100 hourly easy shifting common.
  • There was a break above a key bearish development line with resistance close to $50,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is gaining tempo and would possibly quickly clear the $51,200 resistance zone within the close to time period.

Bitcoin Price Gains Pace

Bitcoin price began a minor draw back correction from the $51,800 zone. BTC declined beneath the $51,200 stage to maneuver right into a short-term bearish zone.

There was a break beneath the 50% Fib retracement stage of the upward transfer improve from the $48,105 swing low to $51,800 excessive. There was even a spike beneath the $50,000 stage and the 100 hourly easy shifting common.

However, dips remained restricted beneath $50,000. The price examined the 61.8% Fib retracement stage of the upward transfer improve from the $48,105 swing low to $51,800 excessive. It fashioned a base and began a recent improve above the $50,000 stage.

Bitcoin is buying and selling properly above $50,000 and the 100 hourly easy shifting common. There was a break above a key bearish development line with resistance close to $50,400 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

An rapid resistance on the upside is close to the $51,200 stage. The subsequent key resistance might be $51,500. A transparent transfer above the $51,500 resistance zone may begin a recent improve. The subsequent main cease for the bulls could probably be close to the $53,500 stage.

Dips Limited In BTC?

If bitcoin fails to clear the $51,200 resistance zone, it may begin one other draw back correction. An rapid assist on the draw back is close to the $50,200 stage.

The first main assist is close to $50,000. A draw back break beneath the $50,000 stage may push the price in direction of the $49,400 assist. Any extra losses could probably push the price in direction of the $48,500 assist zone.

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 properly above the 50 stage.

Major Support Levels – $50,200, adopted by $50,000.

Major Resistance Levels – $51,500, $52,000 and $53,500.

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