TA: Bitcoin crosses $ 50,000. Why BTC could continue to gain momentum

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Bitcoin prices rose steadily, surpassing $ 50,000 per USD. BTC is expected to remain high-priced and could even surpass $ 50,300

  • Bitcoin saw a solid rise above resistance levels of $ 48,000 & $ 48,500.
  • The price is trading at above $ 48,000 and the 100-hour simple moving average.
  • A major bullish trendline has formed with support near $49,200 on the hourly chart for the USD/BTC pair (Kraken Data Fee).
  • If the pair clears the $ 50,500 resistance zone in the near-term, it could accelerate further.

Bitcoin price gains strength

Bitcoin’s price has remained above the $ 46,000 support level. BTC reached a base at $ 46,000 before launching a further climb. The BTC broke above the $ 48,000 resistance area and the 100 hour simple moving mean.

The bulls gained strength and were capable of pushing the price above $ 50,000. He traded up to $ 52,000 and is consolidating his gains.

Support is close to $ 49,750. It is now near the 23.6% Fib Retracement level of recent increase. The price has gone from $ 48,033 to $ 50,306. Bitcoin’s price is now trading at over $ 48,000 and the 100 hour simple movement average.

Source: - BTCUSD

A major bullish trendline is also emerging with support near $49,200 on the hourly charts of the BTC/USD pair. On the upside, immediate resistance lies near the $ 50,000. The $ 50,500 level is the first major resistance. Bulls should aim for a greater rise above this level. The bulls could reach $ 52,000 as their next major stop.

BTC Dips

If bitcoin fails above the resistance levels $ 50 300 and $ 50 500, it could trigger a downtrend. Initial bearish support lies near the $49,750 level.

First major support is now in the $ 49 200 area. It is now near the trendline, and the 50% fiber retracement area of the recent increase. The price dropped from $ 48.033 to $ 50.306. The price could revert to the $ 48,000 support area if it breaks below the trendline support.

Technical indicators

Hourly MACD- The MACD is moving in the bullish area.

Hourly RSI (Relative Strength Indicator) – The RSI of USD / Bitcoin is now well above 60.

Major Support Levels: $ 49,200 followed by $ 48,000.

Major Resistance Levels: $ 50,300, $ 52,500, and $ 52,000


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