[vc_row full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1522216945055{background-color: #131722 !important;}”][vc_column css=”.vc_custom_1522217480829{padding-right: 0px !important;padding-left: 0px !important;}”][bsfp-cryptocurrency style=”widget-20″ align=”marquee” columns=”2″ coins=”selected” coins-count=”15″ coins-selected=”BTC,ETH,XRP,LTC,EOS,BCH,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”dark” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523173421731{margin-bottom: 5px !important;}”][/vc_column][/vc_row]

Bitcoin Reclaims $50K, Why Rally Isn’t Over Yet

0

Bitcoin started a fresh increase above the $50,000 resistance against the US Dollar. BTC is showing positive signs and there could be more gains towards $52,000.

  • Bitcoin gained pace after it broke the $49,500 resistance zone.
  • The price is trading well above $50,000 and the 100 hourly simple moving average.
  • There was a break a key declining channel with resistance near $48,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower, but dips might be limited below the $50,000 zone.

Bitcoin Price Gains Momentum

Bitcoin price formed a base and started a fresh increase above the $48,000 level. BTC gained pace for a move above the $48,200 level and the 100 hourly simple moving average.

Besides, there was a break a key declining channel with resistance near $48,800 on the hourly chart of the BTC/USD pair. The pair rallied above the $50,000 resistance zone to move into a positive zone. The bulls were able to push the price above the $50,000 level.

Bitcoin traded as high as $51,500 and currently consolidating gains. It is well above the 23.6% Fib retracement level of the recent increase from the $48,105 swing low to $51,500 high. It is also trading well above $50,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $51,500 level. The next key resistance could be $52,000. A clear move above the $52,000 resistance zone could lift the price further higher. The next major stop for the bulls may possibly be near the $53,200 level.

Dips Limited In BTC?

If bitcoin fails to clear the $51,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $50,700 level.

The first major support is near $50,000. It is near the 50% Fib retracement level of the recent increase from the $48,105 swing low to $51,500 high. A downside break below the $50,000 level could increase selling pressure in the near term. In the stated case, the price may perhaps decline towards the $48,800 support zone.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.

Major Support Levels – $50,700, followed by $50,000.

Major Resistance Levels – $51,500, $52,000 and $53,200.

Leave A Reply

Your email address will not be published.