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TA: Bitcoin Claims $50K, Why BTC Could Continue Higher To $52K

TA: Bitcoin Claims $50K, Why BTC Could Continue Higher To $52K

Bitcoin price gained bullish momentum and broke the $50,000 resistance against the US Dollar. BTC is holding gains and it seems like it could rise further towards the $52,000 level.

  • Bitcoin broke the $50,000 resistance and traded to a new all-time high near $50,600.
  • The price is trading nicely near $50,000 and it is well above the 100 hourly simple moving average.
  • There was a break above a key contracting triangle with resistance near $49,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue higher towards $52,000 as long as it is above the $48,000 support.

Bitcoin Price is Extending Gains

Finally, bitcoin price was able to clear the $50,000 resistance zone. BTC climbed above the $50,200 and $50,500 levels. It traded to a new all-time high at $50,600 before correcting lower.

There was a sharp correction below the $50,000 level. The price even spiked below the $49,000 support level. However, the bulls were active near the $48,000 zone and the 100 hourly simple moving average. A low is formed near $47,819 and the price is currently rising.

Read the full article at newsbtc.com

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