-

Bitcoin Bulls Keeps Pushing, Why Rally Isn’t Over Yet

Bitcoin worth prolonged its improve above $49,000 in opposition to the US Dollar. BTC may proceed to rally and it may even surpass the $50,000 resistance within the close to time period.

  • Bitcoin climbed larger above the $47,500 and $48,500 resistance ranges.
  • The worth is now buying and selling above $48,000 and the 100 hourly easy transferring common.
  • There is a significant bullish pattern line forming with assist close to $48,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may appropriate decrease, but it surely may discover assist close to $47,400 or $47,000.

Bitcoin Price Remains In Uptrend

Bitcoin worth began a powerful improve above the $46,500 resistance degree. BTC broke the $47,500 resistance degree and settled above the 100 hourly easy transferring common.

It even climbed above $49,000 earlier than correcting decrease. However, downsides have been restricted beneath the $46,500 assist zone. A low was fashioned close to $46,895 and the value began a recent improve. It climbed larger above the $47,500 and $48,500 resistance ranges.

Bitcoin is now buying and selling above $48,000 and the 100 hourly easy transferring common. A excessive is fashioned close to $49,750 and it is now consolidating good points. An instant assist on the draw back is close to the $49,000 degree.

It is shut to the 23.6% Fib retracement degree of the current wave from the $46,895 swing low to $49,750 excessive. There is additionally a significant bullish pattern line forming with assist close to $48,400 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, a direct resistance is close to the $49,600 degree. The first main resistance is close to the $49,750 degree, above which the value may go to $50,000. An in depth above the $50,000 degree may begin one other improve within the close to time period. The subsequent main cease for the bulls might presumably be close to the $52,000 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 $49,000 degree.

The first main assist is now forming close to the $48,400 degree and the pattern line. It is close to the 50% Fib retracement degree of the current wave from the $46,895 swing low to $49,750 excessive. A break beneath the pattern line assist may push the value in the direction of the $47,550 degree and the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

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

Major Support Levels – $48,400, adopted by $47,550.

Major Resistance Levels – $49,500, $50,000 and $52,000.

Source link

Latest news

Crypto and DeFi Are “Real Risks” Warns ECB President Lagarde

In statements to the European Parliament this week, the president of the European Central Bank, Christine Lagarde pushed for...

Shiba Inu Crossed More Than 17%, Can Parody Coin Catch Up?

There is no denying the truth that cryptocurrencies have altered the methods during which we trade, commerce, and retailer...

Was Aristotle a Bitcoiner? – Bitcoin Magazine

This is an opinion editorial by Joe Moffett, a creator and creator. He is devoted to philosophizing and excessive...

ETH Consolidates Above $1200 Level

The Ethereum worth prediction exhibits that ETH continues to commerce above the $1000 stage because the market strikes sideways. Ethereum...
- Advertisement -spot_img

Bitcoin Price Prediction for Today, June 24: BTC Stuck Around $21,000

The Bitcoin worth prediction reveals that BTC is following the sideways motion because the coin fails to head in...

5 Cryptocurrency to Buy As Altcoin Season Stirs

Altcoin Season is a technical time period usually used within the Cryptocurrency world to denote the interval whereby altcoins...

Must read

Crypto and DeFi Are “Real Risks” Warns ECB President Lagarde

In statements to the European Parliament this week, the...

Shiba Inu Crossed More Than 17%, Can Parody Coin Catch Up?

There is no denying the truth that cryptocurrencies have...
- Advertisement -spot_imgspot_img

You might also likeRELATED
Recommended to you