Bitcoin Reclaims $50K, Why 100 SMA Is The Key For Larger Increase
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 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.
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