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Bitcoin Consolidates above $40K, Why BTC May Surge To $50K

01/10/2021

Bitcoin worth gained additional momentum and traded to a brand new all-time excessive close to $42,000 in opposition to the US Greenback. BTC is presently consolidating beneficial properties and it may surge in direction of $45K and $50K.

  • Bitcoin is buying and selling in a robust uptrend above the $36,000 and $40,000 assist ranges.
  • The worth is consolidating above $40,000, and it’s nicely above the 100 easy transferring common (4-hours).
  • There’s a key contracting triangle forming with resistance close to $41,200 on the 4-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair is more likely to proceed increased in direction of the $44,000 and $45,000 ranges within the close to time period.

Bitcoin Value Units New ATH

Up to now few days, there have been further beneficial properties in bitcoin worth above the $35,000 resistance in opposition to the US Greenback. The BTC/USD pair broke many main hurdles close to $36,000 and $38,000 to proceed increased.

It even surged above the $40,000 stage and settled nicely above the 100 easy transferring common (4-hours). Bitcoin traded to a brand new all-time excessive at $42,068 earlier than it began consolidating beneficial properties. There was a minor decline beneath $41,000 stage.

The worth even examined the $40,000 stage. Nonetheless, the bulls have been in a position to defend the 23.6% Fib retracement stage of the current enhance from the $29,995 swing low to $42,068 excessive.

Bitcoin Price

Supply: BTCUSD on TradingView.com

It looks like there’s a key contracting triangle forming with resistance close to $41,200 on the 4-hours chart of the BTC/USD pair. If there’s an upside break above the triangle resistance and $41,500, the worth is more likely to resume its upward transfer.

An preliminary resistance is close to the $42,068 excessive, above which the worth is more likely to achieve 5%-8%. Within the acknowledged circumstances, the $45,000 stage may very well be a simple goal for the bulls. Any extra beneficial properties would possibly open the doorways for a push in direction of the $50,000 zone.

Dips Supported in BTC?

If bitcoin fails to proceed excessive above the triangle resistance, there’s a threat of a draw back break beneath $40,000. The primary main assist is close to the $39,200.

A transparent shut beneath the $39,200 assist could probably lead the worth in direction of the subsequent main assist at $36,000. It’s near the 50% Fib retracement stage of the current enhance from the $29,995 swing low to $42,068 excessive.

Technical indicators

4 hours MACD – The MACD for BTC/USD is gaining momentum within the bullish zone.

4 hours RSI (Relative Energy Index) – The RSI for BTC/USD continues to be nicely above the 60 stage.

Main Assist Stage – $39,200

Main Resistance Stage – $41,200