Why Bitcoin Chart Is Turning Green, & Why Price Might Soon Surpass Over $50k?

Why Bitcoin Chart Is Turning Green, & Why Price Might Soon Surpass Over $50k?

2021-10-04 | Robin Williams

Why Bitcoin Chart Is Turning Green, & Why Price Might Soon Surpass Over $50k?

Bitcoin [BTC] price began to rise sharply over the $45,000 barrier level. BTC has broken over the $46,500 resistance level and is now trading above the 100 hourly easy moving average. Technical indicators: Hourly MACD – The MACD is now in the bullish zone. Hourly RSI – The RSI for BTC/USD is now slightly below 50 degrees. Main Assist Ranges – $47,250, followed by $46,500. Main Resistance Ranges – $48,500, $49,250 and $50,000. The bulls gained traction, and the price rose above the $47,500 barrier level. It even surpassed the $48,800 level, trading as high as $49,257. It is currently correcting lower and trading beneath $48,500. The degree of instantaneous assistance on the drawback is close to $47,500. If bitcoin fails to break over the $48,500 resistance zone, it may begin a new downtrend. Near the $47,500 mark, there is immediate support on the downside. Near the $47,250 level and the channel trend line, the first big support is emerging. If the price breaks through the trend line support, it may head towards $46,500. Support is also provided by the 100 hourly simple moving average, which is at $46,500. Near the 50 percent Fib retracement level of the recent rally from the $40,890 swing low to $49,257 high at $45,075, the next significant support might be found. Bitcoin is currently trading just above the 23.6 percent Fib retracement level of the recent rally from the $40,890 swing low to the $49,257 high. On the hourly chart of the BTC/USD pair, a significant bullish development line is formed with support at $47,000. Why Bitcoin Chart Is Turning Green, & Why Price Might Soon Surpass Over $50k?

BTC/USD Price Chart - Source: Tradingview

On the upside, immediate resistance is at the $48,000 level. The major main barrier is at $48,500, over which the price may return to $49,250. If bitcoin fails to break through the $48,500 resistance level, it might enter a recent downward downturn. The degree of instantaneous assistance on the drawback is close to $47,500. Close to the $47,250 degree and the channel development line, the major main help is currently formed. A breach below the development line support may send the price below $46,500. The 100 hourly simple shifting average might also be close to $46,500 to provide assistance. The next major support level might be at $45,075, which is the 50 percent Fib retracement level of the recent rally from the $40,890 swing low to $49,257 excessive.

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