TA: Bitcoin Reclaims $50K, Why 100 SMA Is The Key For Larger Increase
December 06 2021 - 10:08PM
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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