Bitcoin worth gained tempo and cleared the $50,000 resistance in opposition to the US Dollar. BTC may right decrease, however dips would possibly stay restricted under $50,000.
- Bitcoin climbed increased above the $49,500 and $50,000 resistance ranges.
- The worth is now buying and selling above $50,000 and the 100 hourly easy transferring common.
- There is a key bullish pattern line forming with help close to $49,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may right decrease, however it would possibly discover help close to $50,000 or $49,500.
Bitcoin Price Gains Momentum
Bitcoin worth remained in an uptrend and prolonged its enhance above the $49,500 resistance zone. BTC even broke the $50,000 resistance stage and settled above the 100 hourly easy transferring common.
The bulls remained in motion and they had been in a position to push the worth above the $51,000 stage. It traded shut to $52,000 and a excessive is fashioned close to $51,888. The worth is now consolidating positive factors above the $51,000 stage.
An instant help on the draw back is close to the $50,800 stage. It is shut to the 23.6% Fib retracement stage of the current enhance from the $46,895 swing low to $51,888 excessive. There is additionally a key bullish pattern line forming with help close to $49,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, an preliminary resistance is close to the $51,500 stage. The first main resistance is close to the $52,000 stage, above which the worth may begin a contemporary enhance. The subsequent main resistance for the bulls might presumably be close to the $53,200 stage. Any extra positive factors may set the tempo for a transfer in the direction of the $55,000 stage.
Dips Supported In BTC?
If bitcoin fails to clear the $52,000 resistance zone, it may begin a contemporary draw back correction. An instant help on the draw back is close to the $50,800 stage.
The first main help is now forming close to the $50,000 stage and the pattern line. It is close to the 50% Fib retracement stage of the current enhance from the $46,895 swing low to $51,888 excessive. If there is a break under the pattern line help, the worth would possibly decline in the direction of the $49,000 stage and the 100 hourly SMA.
Hourly MACD – The MACD is slowly dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is effectively above the 50 stage.
Major Support Levels – $50,800, adopted by $50,000.
Major Resistance Levels – $51,500, $52,000 and $53,200.