Bitcoin is recovering and its exchange rate against the U.S. dollar exceeds $50,000. ETH must be higher than $51,000 and the 100-hour moving average to continue rising.
- Bitcoin started a wave of recovery above the critical $50,000 resistance zone.
- The price is now close to $51,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD currency pair (data feed from Kraken), a short-term bullish trend line has formed and the support level is around 49,600 USD.
- If the closing price is higher than $51,000, the currency pair may start to rise sharply.
Bitcoin price upward momentum
Bitcoin price starts A decent wave of recovery After a sharp drop below US$45,000. BTC rebounded above the resistance levels of 46,500 USD and 48,000 USD and started its near-term recovery.
The price returned above the resistance level of $49,200. Breaking the 50% Fibonacci retracement level of the key decline, falling from a swing high of $57,690 to a low of $40,150. In addition, the bulls are able to push the price above the critical $50,000 resistance zone.
On the hourly chart of the BTC/USD currency pair, there is also a short-term bullish trend line formed, and the support level is near 49,600 US dollars.The current trading price of the currency pair is close to 51,000 USD, while 100 hour simple moving average.
The immediate upside resistance is near the $51,000 and 100-hour moving average. It is close to the 61.8% Fibonacci retracement of the key decline, falling from a swing high of $57,690 to a low of $40,150. A clear break of the USD 51,000 resistance zone may open the door to more gains.
The next key resistance is near the $52,500 level, above which the price may accelerate higher. Under the above circumstances, the price may rise to the level of $53,500.
BTC new drop?
If Bitcoin fails to break through the $51,000 resistance zone, it may start a new downward correction. The immediate support for the downside is around $50,200.
The first major support level is forming near the $49,600 and trend line. A break below the $49,600 support level may start a new decline. The next stop for the bears may be $46,000.
Hourly MACD – MACD is now accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
The main support level is – 50,200 USD, then 49,600 USD.
The main resistance levels – 51,000 USD, 52,500 USD and 53,500 USD.