Why Bitcoin Turns Engaging On Dips Above $50K


Bitcoin value gained tempo and cleared the $50,000 resistance towards the US Greenback. BTC might appropriate decrease, however dips would possibly stay restricted beneath $50,000.

  • Bitcoin climbed larger above the $49,500 and $50,000 resistance ranges.
  • The value is now buying and selling above $50,000 and the 100 hourly easy transferring common.
  • There’s a key bullish development line forming with assist close to $49,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might appropriate decrease, nevertheless it would possibly discover assist close to $50,000 or $49,500.

Bitcoin Value Good points Momentum

Bitcoin value remained in an uptrend and prolonged its enhance above the $49,500 resistance zone. BTC even broke the $50,000 resistance degree and settled above the 100 hourly easy transferring common.

The bulls remained in motion they usually had been capable of push the worth above the $51,000 degree. It traded near $52,000 and a excessive is fashioned close to $51,888. The value is now consolidating beneficial properties above the $51,000 degree.

A right away assist on the draw back is close to the $50,800 degree. It’s near the 23.6% Fib retracement degree of the current enhance from the $46,895 swing low to $51,888 excessive. There’s additionally a key bullish development line forming with assist close to $49,500 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Supply: BTCUSD on TradingView.com

On the upside, an preliminary resistance is close to the $51,500 degree. The primary main resistance is close to the $52,000 degree, above which the worth might begin a recent enhance. The subsequent main resistance for the bulls could probably be close to the $53,200 degree. Any extra beneficial properties might set the tempo for a transfer in direction of the $55,000 degree.

Dips Supported In BTC?

If bitcoin fails to clear the $52,000 resistance zone, it might begin a recent draw back correction. A right away assist on the draw back is close to the $50,800 degree.

The primary main assist is now forming close to the $50,000 degree and the development line. It’s close to the 50% Fib retracement degree of the current enhance from the $46,895 swing low to $51,888 excessive. If there’s a break beneath the development line assist, the worth would possibly decline in direction of the $49,000 degree and the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is slowly shedding tempo within the bullish zone.

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

Main Help Ranges – $50,800, adopted by $50,000.

Main Resistance Ranges – $51,500, $52,000 and $53,200.



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