BITCOIN

Why Bitcoin Became Interesting in Dips Above 50K


The price of Bitcoin has accelerated and cleared the $ 50,000 resistance against the US dollar. BTC may correct the low, but dips may be limited below $ 50,000.

  • Bitcoin has risen above the মাত্র 49,500 and $ 50,000 resistance levels.
  • Prices are now trading above 50,000 50,000 and above the simple moving average of 100 hours.
  • The BTC / USD pair (data feed from Kraken) has a key bullish trend line with support around $ 49,500 per hour chart.
  • This pair could fix the bottom, but it could get support around $ 50,000 or $ 49,500.

The value of Bitcoin increases

Bitcoin prices were upward and boosted its rise above the $ 49,500 resistance zone. BTC has even broken the $ 50,000 resistance level and settled above the simple moving average of 100 hours.

The bulls were in action and they were able to push the price above 51 51,000. It traded around $ 52,000 and formed a high near 51,888. Prices are now consolidating profits above the 51,000 level.

On the downside an immediate support is near the $ 50,800 level. This is a recent rise from কম 46,895 swing low near the $ 23.6% Fib retracement level to, 51,888. The BTC / USD pair’s hourly chart also has a key bullish trend line with support near $ 49,500.

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 may start to rise anew. The next major resistance for bulls could probably be near the $ 53,200 level. Any gain could determine the pace of progress towards the $ 55,000 level.

Dips supported in BTC?

If Bitcoin fails to clear the $ 52,000 resistance zone, it could start a new negative correction. On the downside an immediate support is near the 50,800 level.

The first major support is now forming near the $ 50,000 level and trend line. It is near the 50% Fib retracement level of the recent rise from $ 46,895 swing low to $ 51,888 high. If there is a break below the trend line support, the price may move towards the $ 49,000 level and towards the 100 hour SMA.

Technical indicators:

MACD per hour – MACD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – Above the RSI 50 level of BTC / USD.

Major support level – $ 50,800, then $ 50,000.

Major resistance levels – $ 51,500, $ 52,000 and $ 53,200.



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