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Name Symbol Market Market Cap ($) Algorithm
Bitcoin BTCUSD Crypto 550,868,646,331 SHA-256d
  Price Change Price Change % Current Price Bid Price Offer
  -89.30 -0.31% 28,916.52 28,914.43 28,916.52
High Price Low Price Open Price Prev. Close 52 Week Range
29,021.84 28,809.84 28,984.20 29,005.82 25,338.53 - 69,000.00
Exchange Last Trade Size Trade Price Currency
GDAX 06:06:26 0.002733 28,916.53 USD
Price x Volume Volume Base Symbol Related Pairs
43,106,770.13 1,490.49 BTC BTCEUR BTCGBP ETHBTC

TA: Bitcoin Reclaims $50K, Why 100 SMA Is The Key For Larger Increase

07/12/2021 3:08am

NEWSBTC


Bitcoin is recovering and trading above $50,000 against the US Dollar. ETH must settle above $51,000 and the 100 hourly SMA to continue higher. Bitcoin started a recovery wave above the key $50,000 resistance zone. The price is now trading near $51,000 and the 100 hourly simple moving average. There is a short-term bullish trend line forming with support near $49,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a decent upward move if there is a close above $51,000. Bitcoin Price Gains Momentum Bitcoin price started a decent recovery wave after a major decline below $45,000. BTC climbed back above the $46,500 and $48,000 resistance levels to start the recent recovery. The price is back above the $49,200 resistance level. There as a break above the 50% Fib retracement level of the key decline from the $57,690 swing high to $40,150 low. Besides, the bulls were able to push the price above the key $50,000 resistance zone. There is also a short-term bullish trend line forming with support near $49,600 on the hourly chart of the BTC/USD pair. The pair is now trading near $51,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $51,000 level and the 100 hourly SMA. It is close to the 61.8% Fib retracement level of the key decline from the $57,690 swing high to $40,150 low. A clear break above the $51,000 resistance zone could open the doors for more upsides. The next key resistance is near the $52,500 level, above which the price could accelerate higher. In the stated case, the price could rise towards the $53,500 level. Fresh Decline In BTC? If bitcoin fails to clear the $51,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $50,200 level. The first major support is now forming near the $49,600 level and the trend line. A downside break below the $49,600 support may perhaps start a fresh decline. The next stop for the bears might be $46,000. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level. Major Support Levels – $50,200, followed by $49,600. Major Resistance Levels – $51,000, $52,500 and $53,500.

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