Bitcoin Price Analysis

Bitcoin price analysis; How likely is it that the uptrend will continue?


The price of Bitcoin in the last few days managed to make a good flooring in the range of $ 46,000 and start its jump in this area.

to the Report According to Newsbite, Bitcoin broke the 100-hour moving average (SMA100) after breaking the $ 48,000 resistance. After this incident, with more buyers gaining strength, we saw the crossing of the $ 50,000 psychological resistance. In this process, the price of Bitcoin peaked at $ 50,300, which was the highest price of this digital currency in the last three months. Bitcoin is currently trading at $ 50,380 per unit.

$ 49,750 is the first support for Bitcoin. The area is close to Fibonacci 23.6%, which jumped from $ 48,033 to $ 50,360. It should not be forgotten that the current price of Bitcoin is a long way from $ 48,000 and a simple 100-hour moving average.

On the other hand, we are witnessing the formation of a large uptrend line with support of nearly $ 49,200 in one-hour timeframes. 50,300 The first resistance to the price of bitcoin. 50,500 is also an important price resistance of this digital currency, and stabilizing its high price can accelerate the price jump. $ 52,000 is the main resistance of the number one digital currency in the market.

Bitcoin price chart
Bitcoin price chart

If Bitcoin fails to cross $ 50,300 and $ 50,500, there is a possibility of correction. 49,750 is the first support that Bitcoin will face in the event of a fall.

49,200 is also the main support for Bitcoin. This support is close to the trend line and Fibonacci 50%, which was in the recent jump from 48,033 to $ 50,306. Breaking this support will pave the way for a return to $ 48,000.

The MACD is entering the uptrend zone. The Relative Strength Index (RSI) is currently well above 60 by a wide margin. $ 49,200 and $ 48,000 are significant Bitcoin backers. 50,300, 50,500 and 52,000 are the main resistances of this digital currency, respectively.

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