Bitcoin price analysis: BTC finds support above $50,000

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  • Bitcoin price analysis reveals weak support for the $50,000 high.
  • Strong support is currently found at the $49,700 mark.
  • Strong resistance is currently found at the $50,400 mark.
Bitcoin price analysis reveals that the king of cryptocurrency has found important but weak support for the $50,000 high. The king is trading hands in the range of $50,200 and $50,300s at the time of writing. During the past 24 hours, Bitcoin price has been up by 1.45 percent and by 3.27 percent in the past seven days. The king of cryptocurrency has been retesting the $50,000 psychological barrier for past few days repeatedly and finally managed to find ample support to sustain above the mark.

BTC/USD 1-day candlestick chart shows normal bullish momentum

The Bitcoin price analysis on the one-day candlestick chart reveals that the king of cryptocurrency is going through a strong bullish momentum which is healthy on all parts. The upper Bollinger band is found at the $51,366 mark, while the volatility is increasing slightly compared to the past 24-hours. The nine-day moving average is also behaving normally, which is found at the $48,834 mark, acting as strong support for the king.

Bitcoin price analysis: BTC finds support above $50,000 1
BTC/USD 1-day candlestick price chart. Source: Trading View

The Bollinger bands’ average is found at the $48,116 mark providing the second support mark. The last support mark is found with the lower Bollinger band found at the $44,866 mark. The relative strength index is also showing a calm score of 62.91, which shows stable bullish momentum in play at the time of writing.

Bitcoin price analysis: 4 hour candlestick chart shows increased volatility

The four-hour Bitcoin price analysis chart shows higher volatility than the 1-day chart when compared to the past 24-hours and the past few days alike. The upper Bollinger band is found at the $51,463 mark showing the strongest resistance at the time of writing.

Bitcoin price analysis: BTC finds support above $50,000 2
BTC/USD 4-hours candlestick price chart. Source: Trading View

The nine-day moving average is serving as the closest support point with a value of $50,012. The Bollinger bands’ average is found at the $49,257 mark, while the lowest support is found with the lower Bollinger band. The lower Bollinger band is found at the $47,051 mark. The relative strength index is showing similar readings as the 1-day chart with a score of 62.

Bitcoin price analysis conclusion

The Bitcoin price analyses finally reveal that the king of cryptocurrency has managed to gain important support to keep the price above the $50,000 psychological barrier. The king of cryptocurrency is enjoying a stable momentum at the time of writing, and the strong supports are maintaining the newly found high.

Strong resistance is currently found at the $50,400 mark. If the current support levels falter, the king is likely to fall back below the $50,000 mark, as seen in the past several days. However, if the current support levels persist, the king is likely to test the $50,400 mark and, above that, the $50,500 mark.

Source: cryptopolitan.com

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