Bitcoin has been recovering, and is now trading at $50,000 above the US Dollar. ETH needs to settle at least $51,000, and there is no way for the 100-hourly SMA to keep going higher.
- Bitcoin began a wave of recovery above the $50,000 threshold.
- The 100-hourly moving average and price are now close to $51,000.
- A short-term bullish trendline is emerging with support at $49,600 (data feed Kraken).
- A close of $51,000 could lead to a solid upwards move for the pair.
Momentum gains Bitcoin’s price
Following a sharp decline of $45,000, the Bitcoin price began a solid recovery. To kick off the recovery, Bitcoin price climbed above $46,500 resistance and $48,000 support levels.
It is currently above the resistance of $49,000. Break above 50% Fib resistance level indicates a key fall from $57.690 swing high, to $40.150 low. The bulls also managed to lift the price over the $50,000 threshold.
On the hourly BTC/USD chart, there is a bullish trend line that forms with support close to $49,000. The BTC/USD pair currently trades near $51,000, with the simple moving average of 100 hours.
On the upside, immediate resistance is at the $51,000 level. This is near the fib retracement level at 61.8% of the pivotal decline from $57,690 high to $40,150 low. Clear breaks above the $51,000 resistance level could unlock more upsides.
Next is the $52,500 mark, which could be the key resistance. Above that the price may accelerate. The price may rise to $53,500 in the above scenario.
BTC – A New Decline
It could cause a major correction in bitcoin if the resistance area of $51,000 is not cleared. The $50,200 level is a support area for the downside.
Now, there is a first support at or near the $49600 and trend lines. A break below $49,000.00 support could trigger a further decline. Next stop for bears could be at $46,000
Technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Levels – $50,200, followed by $49,600.
Major Resistance Levels – $51,000, $52,500 and $53,500.