Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price gained pace and cleared the $50,000 resistance against the US Dollar. BTC could correct lower, but dips might remain limited below $50,000.
- Bitcoin climbed higher above the $49,500 and $50,000 resistance levels.
- The price is now trading above $50,000 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $49,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower, but it might find support near $50,000 or $49,500.
Bitcoin Price Gains Momentum
Bitcoin price remained in an uptrend and extended its increase above the $49,500 resistance zone. BTC even broke the $50,000 resistance level and settled above the 100 hourly simple moving average.
The bulls remained in action and they were able to push the price above the $51,000 level. It traded close to $52,000 and a high is formed near $51,888. The price is now consolidating gains above the $51,000 level.
An immediate support on the downside is near the $50,800 level. It is close to the 23.6% Fib retracement level of the recent increase from the $46,895 swing low to $51,888 high. There is also a key bullish trend line forming with support near $49,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, an initial resistance is near the $51,500 level. The first major resistance is near the $52,000 level, above which the price could start a fresh increase. The next major resistance for the bulls may possibly be near the $53,200 level. Any more gains could set the pace for a move towards the $55,000 level.
Dips Supported In BTC?
If bitcoin fails to clear the $52,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $50,800 level.
The first major support is now forming near the $50,000 level and the trend line. It is near the 50% Fib retracement level of the recent increase from the $46,895 swing low to $51,888 high. If there is a break below the trend line support, the price might decline towards the $49,000 level and the 100 hourly SMA.
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 – $50,800, followed by $50,000.
Major Resistance Levels – $51,500, $52,000 and $53,200.
