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Tuesday, May 24, 2022
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    HomeMarketBig Reaction From Bulls Imminent

    Big Reaction From Bulls Imminent

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    Bitcoin gained tempo above the $47,000 resistance in opposition to the US Greenback. BTC is exhibiting constructive indicators and may rally in direction of the $50,000 resistance zone.

    • Bitcoin noticed a significant technical breakout above the $45,500 resistance zone.
    • The worth is buying and selling above $46,500 and the 100 hourly easy shifting common.
    • There’s a essential bullish development line forming with help close to $46,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair might proceed to rise and may commerce in direction of the $50,000 resistance zone.

    Bitcoin Value Breaks $48K

    Bitcoin worth remained strong above the $45,500 resistance zone. BTC began a recent improve and was capable of clear the $46,500 resistance zone.

    The upward transfer gained tempo above the $46,500 stage and the worth settled above the 100 hourly simple moving average. Lastly, it spiked above the $48,000 stage. A excessive was shaped close to $48,200 and the worth is now consolidating good points.

    There was a minor drop under the $48,000 stage. Bitcoin traded under the 23.6% Fib retracement stage of the upward transfer from the $44,470 swing low $48,200 excessive. Apart from, there’s a essential bullish development line forming with help close to $46,200 on the hourly chart of the BTC/USD pair.

    On the upside, the worth is dealing with resistance close to the $48,000 stage. The subsequent main resistance may very well be close to the $48,200 zone. A profitable break and shut above the $48,200 stage may push the worth in direction of $49,000.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The subsequent main resistance may very well be close to the $49,500 stage. Any extra good points might open the doorways for a transfer in direction of the $50,000 stage.

    Dips Restricted in BTC?

    If bitcoin fails to clear the $48,200 resistance zone, it might begin a draw back correction. A right away help on the draw back is close to the $47,000 zone.

    The subsequent main help is seen close to the $46,350 stage. It’s close to the 50% Fib retracement stage of the upward transfer from the $44,470 swing low $48,200 excessive. The principle help is close to the $46,000 stage and the development line. A draw back break under the $46,000 help zone might ship the worth to $45,000.

    Technical indicators:

    Hourly MACD – The MACD is slowly gaining tempo within the bearish zone.

    Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.

    Main Assist Ranges – $47,000, adopted by $46,000.

    Main Resistance Ranges – $48,200, $49,000 and $50,000.



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