Bitcoin has seen gains exceeding the $50,000 level against the US dollar. BTC has positive signals and could see further gains exceeding $52,000.
- Bitcoin reached the resistance level of $50,000 and was supported.
- The market is trading above $50,000.
- On the hourly chart for the BTC/USD pair, there was a break above a crucial bearish trendline. Resistance is near $50,000. (Data feed from Kraken).
- This pair is moving at a rapid pace, and could soon surpass the $51,200 resistance level in the short term.
Bitcoin price gains pace
Bitcoin prices began a slight downturn from the $51,800 level. BTC moved into a short-term bearish area when it fell below the $51,200 mark.
The 50% Fib Retracement level for the upward movement from $48,105 low to $51,800 high was broken below. Even the 50k level was breached, as well as the simple 100-hour moving average.
Dips below $50,000 were however limited. It reached the level of the 61.8% Fib-retracement levels for the upward swing from $48,105 to $51,800. This price established a foundation for a fresh rise above the $50,000 threshold.
Bitcoin trades well above the $50,000 mark and the simple moving average 100 hours per hour. The hourly BTC/USD chart showed a breakout above the key bearish trendline with resistance at $50,400.
Source: BTCUSD from TradingView.com
Near the $51,200 threshold, there is immediate resistance. 51,500 could prove to be the next major resistance. Clear moves above the $51,500 level could trigger a new increase. It is possible that the next significant stop for bulls could be at the $53,500 mark.
BTC Dips Limited
It could cause a further downside correction if bitcoin does not clear the $51,200 resistance area. Support for the downside lies near the 50,200 level.
Nearly $50,000 is the first major support. The $49,400 support could be reached if the market falls below $50,000. A further loss could push the price to the $48,500 support area.
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.
Major Support Levels – $50,200, followed by $50,000.
Major Resistance Levels – $51,500, $52,000 and $53,500.