TA: Bitcoin Claims $50 K, Why BTC Might Continue Greater To $52 K

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TA: Bitcoin Claims $50 K, Why BTC Might Continue Greater To $52 K

Bitcoin cost got bullish momentum and broke the $50,000 resistance versus the United States Dollar. BTC is holding gains and it looks like it might increase even more towards the $52,000 level.

  • Bitcoin broke the $50,000 resistance and traded to a brand-new all-time high near $50,600
  • The cost is trading well near $50,000 and it is well above the 100 per hour easy moving average.
  • There was a break above an essential contracting triangle with resistance near $49,500 on the per hour chart of the BTC/USD set (information feed from Kraken).
  • The set is most likely to continue greater towards $52,000 as long as it is above the $48,000 assistance.

Bitcoin Cost is Extending Gains

Lastly, bitcoin cost had the ability to clear the $50,000 resistance zone. BTC climbed up above the $50,200 and $50,500 levels. It traded to a brand-new all-time high at $50,600 prior to fixing lower.

There was a sharp correction listed below the $50,000 level. The cost even increased listed below the $49,000 assistance level. Nevertheless, the bulls were active near the $48,000 zone and the 100 per hour easy moving average. A low is formed near $47,819 and the cost is presently increasing.

Bitcoin is trading above the 50% Fib retracement level of the downward correction from the $50,600 swing high to $47,819 low. There was likewise a break above an essential contracting triangle with resistance near $49,500 on the per hour chart of the BTC/USD set.

Bitcoin Price

 Source: BTCUSD on TradingView.com

The cost is trading well near $50,000 and it is well above the 100 per hour easy moving average. It is evaluating the 76.4% Fib retracement level of the down correction from the $50,600 swing high to $47,819 low.

It looks like the cost is most likely to continue greater towards the $50,600 high. Anymore gains may quickly press the cost above the $51,000 level. The next crucial resistance sits at $52,000

Fresh Dip in BTC?

If bitcoin stops working to settle above the $50,000 and $50,200 levels, there might be a drawback correction. A preliminary assistance is near the $49,500 level and the damaged triangle pattern line.

A drawback break listed below the $49,500 level might lead the cost towards the $48,000 assistance. The 100 per hour easy moving average is likewise sitting near $48,000 to offer assistance.

Technical indications:

Per Hour MACD– The MACD is getting momentum in the bullish zone.

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

Significant Assistance Levels– $49,500, followed by $49,000

Significant Resistance Levels– $50,500, $51,000 and $52,000

Aayush Jindal Read More.