Bitcoin prolonged its restoration towards the US greenback to over $ 51,000. BTC wants to remain secure above $ 49,500 to proceed rising within the brief time period.

  • Bitcoin began a restoration wave above the USD 50,500 resistance zone.
  • The value is now buying and selling above $ 50,000 and the 100-hour easy transferring common.
  • The hourly chart of the BTC / USD pair (knowledge feed from Kraken) broke under a connecting bullish trendline with help close to USD 50,800.
  • The pair may begin rebounding if it breaks above the $ 49,500 mark.

Bitcoin value is shedding steam

Bitcoin value prolonged its restoration wave previous the $ 50,000 resistance zone. BTC even climbed again above the $ 50,500 and $ 51,200 resistance ranges.

Nevertheless, the worth couldn’t cross the resistance zone of $ 52,000. A excessive has been made at $ 51,955 and the worth is now correcting good points. There was a break under the USD 51,000 help zone. The value fell under the 23.6% fib retracement degree of the transfer up from the low of $ 47,210 to the excessive of $ 51,955.

The hourly chart for the BTC / USD pair additionally broke under a connecting bullish trendline with help close to USD 50,800. The pair is now buying and selling above $ 50,000 and the 100-hour easy transferring common.

Supply: BTCUSD on TradingView.com

Instant resistance to the upside is close to the $ 51,000 mark. The subsequent main resistance is close to the $ 51,800 mark. A big break above the USD 51,080 resistance zone may open the doorways for additional uptrends. The subsequent main resistance is close to $ 52,000, above which the worth may proceed to rise. Within the aforementioned case, the worth may soar in direction of the $ 53,500 mark.

Extra losses at BTC?

If Bitcoin fails to interrupt the $ 51,800 resistance zone, it may go additional down. Instant help on the draw back is close to the $ 50,000 mark.

The primary main help is now forming close to the $ 49,500 mark and the 100 hour SMA. It’s close to the 50% Fib retracement degree of the transfer up from the low of $ 47,210 to the excessive of $ 51,955. Breaking under the USD 49,500 help may doubtlessly add promoting strain. The subsequent cease for the bears might be at $ 48,000.

Technical indicators:

Hourly MACD – The MACD is slowly gaining tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC / USD is at the moment under the 50 degree.

Main Assist Ranges – $ 50,000 adopted by $ 49,500.

Fundamental Resistance Ranges – $ 51,800, $ 52,000, and $ 53,500.

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