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TA: Bitcoin Approaching Key Uptrend Assist, Why BTC May Revisit $52K

02/19/2021

Bitcoin worth began a draw back correction from the $52,750 all-time excessive towards the US Greenback. BTC is now approaching a few essential helps close to $50,500.

  • Bitcoin topped close to the $52,750 degree and began a draw back correction.
  • The worth continues to be properly above $50,000 and the 100 hourly easy transferring common.
  • There’s a main bullish pattern line forming with help close to $50,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is more likely to bounce again from $50,400 or $50,000 within the coming classes.

Bitcoin Value is Correcting Beneficial properties

After setting a brand new all-time excessive close to $52,750, bitcoin worth began a draw back correction. BTC broke the $52,000 help degree to maneuver right into a short-term bearish zone.

There was a break beneath the 23.6% Fib retracement degree of the upward transfer from the $47,843 swing low to $52,750 excessive. It’s now approaching a few essential helps close to the $50,500 degree.

Extra importantly, bitcoin continues to be properly above $50,000 and the 100 hourly easy transferring common. There’s additionally a serious bullish pattern line forming with help close to $50,400 on the hourly chart of the BTC/USD pair. The following main help is close to the $50,320 degree.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The 50% Fib retracement degree of the upward transfer from the $47,843 swing low to $52,750 excessive is close to the $50,320 degree to offer help. The primary help is forming close to $50,000 and the 100 hourly easy transferring common. Any extra losses might presumably begin a gentle decline in the direction of the $48,000 help zone. Any extra losses would possibly name for a take a look at of the important thing $45,000 help degree.

Contemporary Enhance in BTC?

If bitcoin stays secure above the $50,500 and $50,000 help ranges, it may begin a recent enhance. An preliminary resistance on the upside is close to the $51,500 degree.

The primary main resistance is close to the $52,000 degree, above which the worth is more likely to speed up increased in the direction of the $52,750 excessive. If the worth positive aspects tempo above $52,500 and $52,750, there are excessive possibilities of an upside break above the $53,500 degree within the coming classes.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now properly beneath the 50 degree.

Main Assist Ranges – $50,500, adopted by $50,000.

Main Resistance Ranges – $51,500, $52,000 and $52,750.