TA: Bitcoin Regains Strength, Why BTC Could Hit $50 This Time

0
31

Bitcoin price traded to a new weekly low at $44,012 before recovering losses against the US Dollar. BTC is back above $47,000 and it may attempt to clear the $48,000 resistance.

  • Bitcoin started a decent increase above the $45,500 and $46,000 resistance levels.
  • The price is now trading above $46,000 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $45,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate further higher if it clears the $48,000 resistance zone in the near term.

Bitcoin Price Eyes More Upsides

Bitcoin price extended its decline below the $44,200 support zone. However, BTC bulls were active above the $44,000 level. A low was formed near $44,012 before the price started a fresh increase.

There was a steady rise above the $45,000 and $45,500 resistance levels. The price cleared the 50% Fib retracement level of the main drop from the $48,100 swing high to $44,012 low. There was also a break above a key bearish trend line with resistance near $45,500 on the hourly chart of the BTC/USD pair.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin price is now trading above $46,000 and the 100 hourly simple moving average. It…

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here