Analysis

Bitcoin Consolidates Gains, Why Dips Could Be Limited Below $50K

Bitcoin prolonged its restoration above $51,000 towards the US Greenback. BTC should stay steady above $49,500 to proceed larger within the close to time period.

  • Bitcoin began a restoration wave above the $50,500 resistance zone.
  • The worth is now buying and selling above $50,000 and the 100 hourly easy transferring common.
  • There was a break under a connecting bullish development line with assist close to $50,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might begin a recent enhance whether it is above the $49,500 degree.

Bitcoin Value Loses Steam

Bitcoin value prolonged its restoration wave above the $50,000 resistance zone. BTC even climbed again above the $50,500 and $51,200 resistance ranges.

Nonetheless, the worth didn’t surpass the $52,000 resistance zone. A excessive was fashioned close to $51,955 and the worth is now correcting positive factors. There was a break under the $51,000 assist zone. The worth declined under the 23.6% Fib retracement degree of the upward transfer from the $47,210 swing low to $51,955 excessive.

There was additionally a break under a connecting bullish development line with assist close to $50,800 on the hourly chart of the BTC/USD pair. The pair is now buying and selling above $50,000 and the 100 hourly easy transferring common.

Bitcoin Price

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Supply: BTCUSD on TradingView.com

An instantaneous resistance on the upside is close to the $51,000 degree. The subsequent main resistance is close to the $51,800 degree. A transparent break above the $51,080 resistance zone might open the doorways for extra upsides. The subsequent key resistance is close to the $52,000 degree, above which the worth might rise additional. Within the acknowledged case, the worth might rise in the direction of the $53,500 degree.

Extra Losses In BTC?

If bitcoin fails to clear the $51,800 resistance zone, it might proceed to maneuver down. An instantaneous assist on the draw back is close to the $50,000 degree.

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The primary main assist is now forming close to the $49,500 degree and the 100 hourly SMA. It’s close to the 50% Fib retracement degree of the upward transfer from the $47,210 swing low to $51,955 excessive. A draw back break under the $49,500 assist could maybe enhance promoting stress. The subsequent cease for the bears may be $48,000.

Technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is presently under the 50 degree.

Main Help Ranges – $50,000, adopted by $49,500.

Main Resistance Ranges – $51,800, $52,000 and $53,500.

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