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Bitcoin value began a draw back correction from the $50,400 zone. BTC examined $48,250 and is at the moment making an attempt a recent improve above $50,000.

• Bitcoin value is holding positive factors above the $48,250 and $48,500 help ranges.
• The value is buying and selling above $48,850 and the 100 hourly Simple transferring common.
• There is a key bullish development line forming with help at $48,750 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might proceed to maneuver up if it clears the $50,000 resistance zone.

Bitcoin Price Remains Supported

Bitcoin value gained tempo above the $48,800 resistance zone. BTC even spiked above the $50,000 resistance zone earlier than the bears appeared. A brand new multi-week excessive was shaped close to $50,339 earlier than the worth corrected decrease.

There was a transfer beneath the $49,500 and $49,200 ranges. The value even dived beneath $49,000, however the bulls have been lively above the $48,250 help. A low was shaped close to $48,240 and the worth is now transferring larger. There was a transfer above the $48,800 zone.

Bitcoin cleared the 50% Fib retracement degree of the latest decline from the $50,390 swing excessive to the $48,240 low. It is now buying and selling above $48,850 and the 100 hourly Simple moving average.

There can also be a key bullish development line forming with help at $48,750 on the hourly chart of the BTC/USD pair. Immediate resistance is close to the $49,880 degree or the 76.4% Fib retracement degree of the latest decline from the $50,390 swing excessive to the $48,240 low.

Source: BTCUSD on TradingView.com

The subsequent key resistance could possibly be $50,000, above which the worth might begin one other first rate improve. The subsequent cease for the bulls could maybe be $50,400. A transparent transfer above the $50,400 resistance might ship the worth towards the $51,200 resistance. The subsequent resistance could possibly be close to the $52,000 degree.

Another Decline In BTC?

If Bitcoin fails to rise above the $50,000 resistance zone, it might begin one other draw back correction. Immediate help on the draw back is close to the $49,200 degree.

The first main help is $48,800 and the development line. If there’s a shut beneath $48,800, the worth might achieve bearish momentum. In the acknowledged case, the worth might dive towards the $47,800 help.

Technical indicators:

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

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

Major Support Levels – $49,000, adopted by $48,750.

Major Resistance Levels – $50,000, $50,400, and $51,200.

Disclaimer: The article is supplied for instructional 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 selections. Use info supplied on this web site solely at your personal danger.