Bitcoin value prolonged its rise and cleared the $50,000 resistance towards the US Greenback. BTC is now consolidating good points and it’s more likely to climb additional above $52,000.
- Bitcoin is buying and selling in a constructive zone above the $50,000 and $50,500 assist ranges.
- The value is now buying and selling properly above $51,000 and the 100 hourly easy shifting common.
- There’s a main bullish development line forming with assist close to $49,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may prolong its rally as soon as it clears $52,000 and $52,500 within the close to time period.
Bitcoin Worth is Gaining Momentum
After an in depth above the $48,000 resistance, bitcoin was capable of acquire power above the principle $50,000 resistance. BTC even cleared the $51,500 degree and spiked above the $52,000 degree.
It traded to a brand new month-to-month excessive close to $52,650 and settled properly above the 100 hourly easy shifting common. It’s now buying and selling in a constructive zone above the $50,000 and $50,500 assist ranges. There was a minor correction not too long ago beneath the $51,000 degree.
The value traded beneath the 23.6% Fib retracement degree of the upward transfer from the $47,102 swing low to $52,648 excessive. Nonetheless, the bulls have been lively close to the $50,000 and $49,500 ranges.
Supply: BTCUSD on TradingView.com
There may be additionally a significant bullish development line forming with assist close to $49,800 on the hourly chart of the BTC/USD pair. Bitcoin additionally remained properly above the 50% Fib retracement degree of the upward transfer from the $47,102 swing low to $52,648 excessive.
It’s now buying and selling above $51,000 and testing a connecting bearish development line at $51,500. A transparent break above the development line resistance may open the doorways for a transfer in the direction of the $52,500 and $53,200 ranges. The following key resistance sits close to the $55,000 degree.
Contemporary Dip in BTC?
If bitcoin fails to proceed increased above the $52,000 and $52,500 resistance ranges, there may very well be a minor decline. The primary key assist on the draw back is close to the $50,500 degree.
The following main assist is close to the $50,000 degree and the development line. If there’s a draw back break beneath the development line assist, the value may check the $48,000 assist and the 100 hourly SMA.
Hourly MACD – The MACD is now gaining momentum within the bullish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now properly above the 50 degree.
Main Assist Ranges – $50,500, adopted by $50,000.
Main Resistance Ranges – $51,500, $52,000 and $53,200.