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TA: Bitcoin Claims $50K, Why BTC Could Continue Higher To $52K

TA: Bitcoin Claims $50K, Why BTC Could Continue Higher To $52K

Bitcoin worth gained bullish momentum and broke the $50,000 resistance towards the US Dollar. BTC is holding good points and it looks like it may rise additional in the direction of the $52,000 stage.

  • Bitcoin broke the $50,000 resistance and traded to a brand new all-time excessive close to $50,600.
  • The worth is buying and selling properly close to $50,000 and it’s nicely above the 100 hourly easy transferring common.
  • There was a break above a key contracting triangle with resistance close to $49,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is prone to proceed larger in the direction of $52,000 so long as it’s above the $48,000 assist.

Bitcoin Price is Extending Gains

Finally, bitcoin worth was in a position to clear the $50,000 resistance zone. BTC climbed above the $50,200 and $50,500 ranges. It traded to a brand new all-time excessive at $50,600 earlier than correcting decrease.

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There was a pointy correction beneath the $50,000 stage. The worth even spiked beneath the $49,000 assist stage. However, the bulls had been energetic close to the $48,000 zone and the 100 hourly easy transferring common. A low is fashioned close to $47,819 and the value is presently rising.

Bitcoin is buying and selling above the 50% Fib retracement stage of the downward correction from the $50,600 swing excessive to $47,819 low. There was additionally a break above a key contracting triangle with resistance close to $49,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The worth is buying and selling properly close to $50,000 and it’s nicely above the 100 hourly easy transferring common. It is testing the 76.4% Fib retracement stage of the downward correction from the $50,600 swing excessive to $47,819 low.

It looks like the value is prone to proceed larger in the direction of the $50,600 excessive. Any extra good points would possibly simply push the value above the $51,000 stage. The subsequent key resistance sits at $52,000.

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Fresh Dip in BTC?

If bitcoin fails to settle above the $50,000 and $50,200 ranges, there might be a draw back correction. An preliminary assist is close to the $49,500 stage and the damaged triangle development line.

A draw back break beneath the $49,500 stage may lead the value in the direction of the $48,000 assist. The 100 hourly easy transferring common can also be sitting close to $48,000 to supply assist.

Technical indicators:

Hourly MACD – The MACD is gaining momentum within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now nicely above the 50 stage.

Major Support Levels – $49,500, adopted by $49,000.

Major Resistance Levels – $50,500, $51,000 and $52,000.

EditorialTeam

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