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TA: Bitcoin Turns Enticing Above $50K, Why BTC Prolong Its Rally

03/08/2021

Bitcoin value gained bullish momentum above the $50,000 resistance in opposition to the US Greenback. BTC traded in the direction of $52,000 and it stays supported for extra upsides.

  • Bitcoin began a recent improve above the $50,000 and $50,500 resistance ranges.
  • The value is now buying and selling nicely above $50,000 and the 100 hourly easy shifting common.
  • There’s a key rising channel forming with help at $50,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may right just a few factors, however the bulls are more likely to defend $50,000 and $49,500.

Bitcoin Value Begins Contemporary Enhance

After a powerful shut above the $48,000 degree, bitcoin began a recent improve. BTC was capable of clear the important thing $50,000 and $50,500 resistance ranges to maneuver right into a constructive zone.

There was additionally a break above a serious bearish development line with resistance close to $48,400 on the hourly chart of the BTC/USD pair. The pair prolonged its rise above the $51,000 degree and traded to a brand new weekly excessive at $51,853.

It’s now correcting decrease, however it’s buying and selling nicely above $50,000 and the 100 hourly easy shifting common. An preliminary help is close to the $50,750 degree. It’s near the 23.6% Fib retracement degree of the upward wave from the $47,141 swing low to $51,853 excessive.

Bitcoin Price

Supply: BTCUSD on TradingView.com

There may be additionally a key rising channel forming with help at $50,500 on the identical chart. The following main help is close to the $50,000 degree. Any extra losses might probably lead the worth in the direction of the 50% Fib retracement degree of the upward wave from the $47,141 swing low to $51,853 excessive close to $49,500. The principle help is now forming close to the $48,800 degree and the 100 hourly easy shifting common.

Extra Upsides in BTC?

If bitcoin stays above $50,500 and $49,500, it may begin a recent improve. An preliminary resistance on the upside is close to the $51,500 degree. The primary main resistance is close to the $52,000 degree.

A profitable shut above the $52,000 resistance degree may open the doorways for a bigger improve within the coming classes. The following main resistance may very well be $53,200, adopted by $54,500.

Technical indicators:

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

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

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

Main Resistance Ranges – $51,500, $52,000 and $53,200.