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Why Bitcoin Turns Attractive On Dips Above $50K

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.

Bitcoin Price

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.

Technical indicators:

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.

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