Home Bitcoin News Bitcoin (BTC) Continues Ascent Towards $50,000 Level

Bitcoin (BTC) Continues Ascent Towards $50,000 Level

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Bitcoin (BTC) resumed its ascent on Sept 15, confirming the breakout from a parallel descending channel.

It’s quickly approaching the closest resistance space at $49,070. Because of a confluence of Fib ranges, there ought to be stronger resistance at $50,700.

Ongoing bounce 

BTC has been growing since bouncing on the $43,950 help space on Sept 13. Throughout the subsequent two days, it created two successive bullish candlesticks. 

Regardless of the bounce, technical indicators are nonetheless bearish. Nonetheless, they’re displaying some small bullish reversal indicators. The MACD briefly stopped its lower by creating one greater momentum bar yesterday, and the RSI is trying at shifting above 50. 

Nonetheless, the Supertrend is firmly bearish (crimson line).

Future motion

The six-hour chart seems extra bullish because it confirms the breakout from the descending parallel channel. After breaking out, BTC validated the channel as help earlier than resuming its upward motion.

Along with this, the MACD and RSI are each growing. The MACD is sort of constructive whereas the RSI has already moved above 50. 

The closest resistance space is discovered at $49,070. This goal is the 0.618 Fib retracement resistance stage.

Nonetheless, the two-hour chart reveals the primary indicators of weak point within the type of bearish divergences within the RSI and MACD. 

Due to this fact, it’s potential {that a} short-term drop will transpire previous to the continuation of the upward motion.

Wave rely

The wave rely means that BTC is in wave C of an A-B-C corrective construction (black). 

It has already moved above the primary goal for the highest of wave C at $47,940. This was the 0.5 Fib retracement resistance stage (white) and 1:1 ratio of waves A:C (black).

The following probably goal for the highest is discovered at $50,750. That is the 1.61 size of waves A:C and the 0.786 Fib retracement resistance stage (white). 

For BeInCrypto’s earlier Bitcoin (BTC) evaluation, click here.

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