Bitcoin rate acquired speed and cleared the $50,000 resistance versus the United States Dollar. BTC could correct lower, but dips might remain limited below $50,000.
- Bitcoin climbed up greater 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 an essential bullish pattern line forming with assistance near $49,500 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The pair could correct lower, but it might find support near $50,000 or $49,500.
Bitcoin Price Gains Momentum
Bitcoin rate stayed in an uptrend and extended its boost 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 stayed in action and they had the ability to press the rate above the $51,000 level. It traded close to $52,000 and a high is formed near $51,888. The rate is now combining 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 current boost 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.
On the advantage, a preliminary 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 significant resistance for the bulls might perhaps 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 stops working to clear the $52,000 resistance zone, it might begin a fresh drawback correction. An immediate support on the downside is near the $50,800 level.
The initially significant assistance is now forming near the $50,000 level and the pattern 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 listed below the pattern line assistance, the rate may decrease towards the $49,000 level and the 100 per hour 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.
