{"id":479377,"date":"2021-12-21T03:08:39","date_gmt":"2021-12-21T03:08:39","guid":{"rendered":"https:\/\/wncen.com\/?p=479377"},"modified":"2024-06-11T14:09:59","modified_gmt":"2024-06-11T14:09:59","slug":"bitcoin-prints-bullish-pattern-50k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-prints-bullish-pattern-50k\/","title":{"rendered":"TA: Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K"},"content":{"rendered":"
Bitcoin is forming a double bottom pattern near the $45,500 zone against the US Dollar. BTC is rising and there could be an upside break above $47,200.<\/em><\/p>\n Bitcoin price declined again below the $46,500 level. BTC traded below the $46,000 level, but the bulls remained active near the $45,500 support zone<\/a>.<\/p>\n A low was formed near $45,600 and the price is now recovering higher. It seems like the price is forming a double bottom pattern near the $45,500 zone. There was a move above the 23.6% Fib retracement level of the downward move from the $48,289 swing high to $45,600 low.<\/p>\n Bitcoin price is now trading near $47,000 and the 100 hourly simple moving average<\/a>. It is facing resistance near the $47,000 zone. There is also a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC\/USD pair.<\/p>\n The trend line is near the 50% Fib retracement level of the downward move from the $48,289 swing high to $45,600 low. A clear move above the trend line could stage a strong move above $47,200.<\/p>\n <\/a><\/p>\n The next key resistance could be $48,000, above which the price might rise towards the $48,500 resistance. If the stated double bottom pattern is valid, the price may possibly rise towards the $50,000 resistance zone.<\/p>\n If bitcoin fails to clear the $47,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $46,500 level.<\/p>\n The first major support is near $46,200. A downside break below the $46,200 level could push the price towards the $45,500 support, where the bulls might remain active in the near term.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently above the 50 level.<\/p>\n Major Support Levels \u2013 $46,200, followed by $45,500.<\/p>\n Major Resistance Levels \u2013 $47,000, $48,000 and $50,000.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin is forming a double bottom pattern near the $45,500 zone against the US Dollar. BTC is rising and there could be an upside break above $47,200. Bitcoin started an upside correction from the $45,500 support zone. The price is now trading near $47,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a major increase if there is a clear move above the $47,000 resistance. Bitcoin Price Forms Double Bottom Bitcoin price declined again below the $46,500 level. BTC traded below the $46,000 level, but the bulls remained active near the $45,500 support zone. A low was formed near $45,600 and the price is now recovering higher. It seems like the price is forming a double bottom pattern near the $45,500 zone. There was a move above the 23.6% Fib retracement level of the downward move from the $48,289 swing high to $45,600 low. Bitcoin price is now trading near $47,000 and the 100 hourly simple moving average. It is facing resistance near the $47,000 zone. There is also a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC\/USD pair. The trend line is near the 50% Fib retracement level of the downward move from the $48,289 swing high to $45,600 low. A clear move above the trend line could stage a strong move above $47,200. Source: BTCUSD on TradingView.com The next key resistance could be $48,000, above which the price might rise towards the $48,500 resistance. If the stated double bottom pattern is valid, the price may possibly rise towards the $50,000 resistance zone. Dips Limited In BTC? If bitcoin fails to clear the $47,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $46,500 level. The first major support is near $46,200. A downside break below the $46,200 level could push the price towards the $45,500 support, where the bulls might remain active in the near term. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently above the 50 level. Major Support Levels \u2013 $46,200, followed by $45,500. Major Resistance Levels \u2013 $47,000, $48,000 and $50,000.<\/p>\n","protected":false},"author":67,"featured_media":461422,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-479377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Forms Double Bottom<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Dips Limited In BTC?<\/h2>\n