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Bitcoin price could rally up to $50,000

Bitcoin

TL;DR Breakdown

  • Bitcoin continues to maintain steady progression. 
  • We might witness a rally to the $50,000 price level. 
  • A downward slope is not imminent as Bitcoin is tipped to surpass the all time $58,000 market price.

It’s still good news for Bitcoin miners and investors as the cryptocurrency coin maintained a steady progressive movement after recovering from the previous low price of $43,000 to a whooping $49,551 just this morning. This rebound puts the market price further higher than yesterday’s $48,000 with a +1.40% increase as it trades when making this technical analysis. 

Bitcoin price could rally up to $50,000 1
Source: Tradingview

According to Bitstamp, there had been a downward slope in the BTC curve since a week ago leaving the market vulnerable and BTC price shedding off a whopping 25%. A major correction as well as bold changes had seen Bitcoin brokering far under the proper ascending-price-channel as it had traded all through last month. Now, Bitcoin is taking a falling-wedge-pattern which can also be known as the textbook-bullish-formation. This falling-wedge-formation is quite evident with a 4-hour chart running on short term. 

Bitcoin to break over $48,000 mark

Just along the pennant, bullish divergence signs and signals turned up on short term time frames. This also points to the 4-hour chart we made use of yesterday. Putting a close to the daily candles in the last 48 hours at the market price of $44,700, bullish-divergence turned out quite great in today’s chart. 

Now, what does this mean? This means BTC will be able to breakthrough the wedge’s upper-boundary, go even higher and over the 4-hour 20-EMA, and finally soar over the $48,000 target or mark.

Thus, the right question anyone ought to be asking is if BTC will continue to soar even higher till it reaches the $50,000 psychological resistance-level. Better still, if the rise will continue and probably surpass the over all high price level of $58,000, which was just in February. 

What to watch out for? 

Key support levels: $47,200, $46,600, $44,750, $43,745, and it downwards. 

Key resistance levels: $50,000, $52,500, $55,000, $56,112, and upwards. 

The figure shows a downward trend of $47,200 (.382 Fib), $46,600 (4-hour’s EMA-20), $44,750, and $43,745 (.5 Fib). 

The benchmark price of the asset would be at $50,000, $52,500 – the target of the wedge’s breakout, $55,000, and $56,112. 

Note that daily RSI had moved towards the midline just like before, which showcased the dissipation of yesterday’s bearish-momentum. The RSI had now moved just over the midline on short term charts, showing how the short term bullish-momentum has finally appeared.

Bruno Johnson

Bruno Johnson

Bruno loves the crypto industry. He is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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