Bitcoin price grew up to $51,020 yet faced a resistance and had to back down a little before starting a new bullish trend. Surpassing the $51,400 resistance level means a likely growth in short-term is to follow. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin price successfully surpassed the $49,200, $50,000 and $50,400 resistance levels.
- Currently BTC is over $50,000 and the 1-hour candles are above the SMA100
- For the 1-hour chart, we see an important bullish run with support at $49,950.
- By breaking the $51,400 resistance level, there will likely be further growth in short-term.
Bitcoin price Action Analysis
Bitcoin price managed to break through the $49,200, $50,000 and $50,400 resistance levels. At some point, it even moved beyond $51,000 and touched $51,018. At that point, the $51,000 did not let BTC to move any further.
During this run, BTC penetrated the 24.6% Fibonacci retracement from the latest rise from $46,495 to $51,018 and came down to $49,560. Furthermore, Bitcoin price went up to $50,000 in an adjustment.
Currently, BTC is over $50,000 and the 1-hour candles are above the SMA100. For the 1-hour chart, we have an important bullish run with support at $49,950.
For the bullish scenario, the first resistance level will be at the $50,400 to $50,550 zone. Following that, BTC will once again enter the $51,000 zone. In case the price closes above this point, we can expect further upward movement. As for that case, the next resistance levels will be the $51,400 and $52,000.
Further bullish trend will bring $52,500, $53,500 and $54,600 to resist BTC.
On the other hand, if BTC fails to surpass $51,000 and $51,400, the first support level will be $49,900. This level is near the trendline as well as the 23.6% Fibonacci retracement. Failure to support at this level will bring further decline in price. Following that, the $49,200 level will be the next support and then the $49,000 is expected. The next crucial support level is near the 50% Fibonacci retracement at around $48,750 to $48,600 zone. Further decline could bring the price down to $48,000. Following that, $46,500 will stand to support BTC.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an downward movement.
RSI: the 1-hour relative strength index is currently 52.
Resistance levels: Respectively, the $51,000, $51,400 and $52,000 are crucial resistance levels.
Support levels: the $49,950 and $48,500 and $48,000 are important support levels that will cause further decline if they are broken.
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