Wednesday, February 21, 2024
HomeCryptocurrencyBitcoin Value Reclaims $48K However Can Bulls Pump BTC To $50K?

Bitcoin Value Reclaims $48K However Can Bulls Pump BTC To $50K?


Bitcoin value climbed increased above the $48,000 resistance. BTC examined $48,800 and is at present displaying indicators of a draw back correction.

  • Bitcoin value climbed increased above the $46,500 and $48,000 resistance ranges.
  • The value is buying and selling above $47,500 and the 100 hourly Easy transferring common.
  • There’s a key bullish pattern line forming with help at $48,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might proceed to maneuver up until there’s a shut beneath the $48,000 help.

Bitcoin Value Turns Inexperienced

Bitcoin value began a serious improve above the $45,500 resistance zone. BTC cleared a number of hurdles close to the $46,000 and $47,200 ranges to maneuver additional right into a constructive zone.

The bulls gained energy and have been capable of pump the value above the $48,000 resistance. It examined the $48,800 zone. A brand new multi-week excessive was shaped close to $48,775 and the value is now consolidating features. There was a minor decline beneath the $48,500 degree.

The value dipped beneath the 23.6% Fib retracement degree of the current wave from the $46,602 swing low to the $48,775 excessive. Bitcoin value is now buying and selling above $47,500 and the 100 hourly Easy transferring common.

There’s additionally a key bullish pattern line forming with help at $48,000 on the hourly chart of the BTC/USD pair. Rapid resistance is close to the $48,500 degree. The following key resistance might be $48,800, above which the value might begin one other first rate improve.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The following cease for the bulls could maybe be $49,250. A transparent transfer above the $49,250 resistance might ship the value towards the $49,800 resistance. The following resistance might be close to the $50,000 degree.

Draw back Correction In BTC?

If Bitcoin fails to rise above the $48,800 resistance zone, it might begin a draw back correction. Rapid help on the draw back is close to the $48,000 degree or the pattern line.

The primary main help is $47,650 and the 50% Fib retracement degree of the current wave from the $46,602 swing low to the $48,775 excessive. If there’s a shut beneath $47,650, the value might achieve bearish momentum. Within the acknowledged case, the value might dive towards the $46,500 help.

Technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now close to the 50 degree.

Main Help Ranges – $48,000, adopted by $47,650.

Main Resistance Ranges – $48,500, $48,800, and $50,000.

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

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments