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Bitcoin value prolonged its rally above the $48,800 resistance. BTC examined $50,000 and is presently exhibiting indicators of a draw back correction.

• Bitcoin value climbed greater above the $48,500 and $48,800 resistance ranges.
• The value is buying and selling above $48,800 and the 100 hourly Simple transferring common.
• There is a short-term rising channel forming with help at $49,750 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may begin a draw back correction under the $49,750 and $49,500 ranges.

Bitcoin Price Jumps 5%

Bitcoin value remained in a constructive zone above the $48,000 resistance zone. BTC prolonged its rally and climbed above the $48,800 resistance zone. Finally, the worth jumped above the $50,000 stage.

A new multi-week excessive was shaped close to $50,339 and the worth is now consolidating features. There was a minor decline under the $50,000 stage. The value remains to be above the 23.6% Fib retracement stage of the current rally from the $47,642 swing low to the $50,339 excessive.

Bitcoin value is now buying and selling above $48,800 and the 100 hourly Simple moving average. There can be a short-term rising channel forming with help at $49,750 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Immediate resistance is close to the $50,250 stage. The subsequent key resistance may very well be $50,400, above which the worth may begin one other respectable enhance. The subsequent cease for the bulls might maybe be $51,200. A clear transfer above the $51,200 resistance may ship the worth towards the $52,000 resistance. The subsequent resistance may very well be close to the $53,000 stage.

Downside Correction In BTC?

If Bitcoin fails to rise above the $50,250 resistance zone, it may begin a draw back correction. Immediate help on the draw back is close to the $49,750 stage or the channel development line.

The first main help is $49,000 and the 50% Fib retracement stage of the current rally from the $47,642 swing low to the $50,339 excessive. If there’s a shut under $49,000, the worth may acquire bearish momentum. In the acknowledged case, the worth may dive towards the $47,650 help.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.

Major Support Levels – $49,750, adopted by $49,000.

Major Resistance Levels – $50,250, $50,400, and $51,200.

Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your personal analysis earlier than making any funding choices. Use info offered on this web site totally at your personal threat.