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Tuesday, October 4, 2022
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    HomeMarketBitcoin Reclaims $50K, Why Rally Isn’t Over Yet

    Bitcoin Reclaims $50K, Why Rally Isn’t Over Yet

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    Bitcoin began a contemporary enhance above the $50,000 resistance towards the US Greenback. BTC is exhibiting constructive indicators and there could possibly be extra positive aspects in direction of $52,000.

    • Bitcoin gained tempo after it broke the $49,500 resistance zone.
    • The worth is buying and selling nicely above $50,000 and the 100 hourly easy transferring common.
    • There was a break a key declining channel with resistance close to $48,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may right decrease, however dips could be restricted beneath the $50,000 zone.

    Bitcoin Value Positive factors Momentum

    Bitcoin value fashioned a base and began a fresh increase above the $48,000 stage. BTC gained tempo for a transfer above the $48,200 stage and the 100 hourly easy transferring common.

    Moreover, there was a break a key declining channel with resistance close to $48,800 on the hourly chart of the BTC/USD pair. The pair rallied above the $50,000 resistance zone to maneuver right into a constructive zone. The bulls had been capable of push the value above the $50,000 stage.

    Bitcoin traded as excessive as $51,500 and at present consolidating positive aspects. It’s nicely above the 23.6% Fib retracement stage of the latest enhance from the $48,105 swing low to $51,500 excessive. It’s also buying and selling nicely above $50,000 and the 100 hourly simple moving average.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    An instantaneous resistance on the upside is close to the $51,500 stage. The subsequent key resistance could possibly be $52,000. A transparent transfer above the $52,000 resistance zone may carry the value additional greater. The subsequent main cease for the bulls might presumably be close to the $53,200 stage.

    Dips Restricted In BTC?

    If bitcoin fails to clear the $51,500 resistance zone, it may begin a draw back correction. An instantaneous assist on the draw back is close to the $50,700 stage.

    The primary main assist is close to $50,000. It’s close to the 50% Fib retracement stage of the latest enhance from the $48,105 swing low to $51,500 excessive. A draw back break beneath the $50,000 stage may enhance promoting stress within the close to time period. Within the acknowledged case, the value might maybe decline in direction of the $48,800 assist zone.

    Technical indicators:

    Hourly MACD – The MACD is slowly dropping tempo within the bullish zone.

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

    Main Help Ranges – $50,700, adopted by $50,000.

    Main Resistance Ranges – $51,500, $52,000 and $53,200.



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