NEW!Incredible offer for our exclusive subscribers! Read More
BTC

Bitcoin price shows weakness at $50,000, but this crucial technical formation could elevate it to $60,000

1 Mins read

Bitcoin has since Wednesday stalled under around $50,000. On the downside, immense support between $46,000 and $47,000 has ensured the bearish leg does not stretch further. Meanwhile, BTC has been pivotal at $50,000, unable to make progress above this critical level.

cryptonews.net

Bitcoin’s consolidation could culminate in a massive upswing

Since the breakdown on Wednesday, the flagship cryptocurrency has not recovered as investors desired. The tug of war at $50,000 neither favors the bulls nor the bears. Therefore, the pivotal trading action will most likely last longer.

The four-hour chart brings to light a double-bottom pattern, a highly bullish formation in technical analysis. It comes into the picture after an asset hits a lower price point a couple of times. Note that there is usually a moderate price peak between the bottoms.

The double-bottom pattern is usually confirmed when the asset bounces off the bottom support level and makes its way through the previous peak. Identification of crucial support and resistance levels helps to avoid failed double-bottom patterns.

BTC/USD four-hour chart

Meanwhile, it is essential to realize that a confirmed break above $50,000 will prove that recovery toward $60,000 has potential. Moreover, holding onto support at the double-bottom pattern is key to jumpstarting the uptrend.

Short-term technical indicators continue to send mixed signals, nonetheless. The Relative Strength Index (RSI) levels at 40, showing that sideways trading may take precedence.

On the other hand, the Moving Average Convergence Divergence (MACD) has a bearish impulse, implying that losses could continue in the near term.

Bitcoin intraday levels

Spot rate: $48,920

Trend: Bearish bias

Volatility: Growing

Support: $47,000 and $46,000

Resistance: $50,000, $52,000 and $54,000

Related posts
AltcoinsBTCCryptoETHMiningOtherStock

Bitcentr launched the largest aid campaign!

1 Mins read
Ukraine is at war, war for our freedom but also for European freedom and democracy. People of Ukraine are in a big…
AltcoinsBTCCryptoETH

Beecrypt with Bitfinex will start a trading giveaway for Telegram users

1 Mins read
In this paragraph, Bitfinex with Friends of beecrypt.net are starting with Top crypto giveaway. After that From 0.001 tо 0.25 bitcоin and…
AltcoinsBTCCryptoETH

Beecrypt with Bitfinex will start a trading giveaway for Telegram users

1 Mins read
In this paragraph, Bitfinex with Friends of beecrypt.net are starting with Top crypto giveaway. After that From 0.001 tо 0.25 bitcоin and…
Power your team with InHype

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *