Bitcoin Price Analysis: Expedition Of Attaining $50K Commenced

Bitcoin's current bullish rally has certainly raised eagerness For $50k
  • BTC’s price is attempting to break out of a flag and pole pattern 
  • BTC’s price may surge by 60% and achieve $50,000 levels
BTC
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Bitcoin price is attempting to break out of a flag and pole pattern in the current session. The breakout may surge the coin by 46%. The volume suggests that lesser bulls participate since the volume remains below the SMA of 14 periods. The market cap and 24-hour volume of the coin are $681,277,915,243 and $20,771,809,623 respectively. 

BTC Prices Attempting To Pulverize The Resistance, May Surge 46%  

BTC
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Bitcoin price have already given a small breakout by making a double bottom but left with the resistance made by a diagonal resistance and previous R2(pivot level). The coin has lower volumes which are reducing the possibility of a breakout. The price range volume analysis signals equivalent buying volume and selling volumes, which might cause consolidation.

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The coin is above 10EMA($33,631), 20EMA($33,965) and 50EMA($31,070). The 10EMA and 20EMA are preparing for a bullish crossover which might bring in higher buying pressure subsequently. The VWAP is at $36,409.

The Bollinger Band has widened up drastically prior to the breakout, which has increased possibility of a breakout. The upper band is at $37,060, while the lower band and median(10EMA) is providing support at $30,200 and $33,631. 

The RSI is moving in an upward trajectory and is currently at 60 levels. The resistance is expected to be at 68 while the support lies at 50 and 41 levels. 

The MACD(8,21,5) has flashed a buying signal at the 0 levels(relatively low for an extremely bullish coin). The indicator’s lines might climb the previous levels of 4800. 

Conclusion – 

Bitcoin price have initiated another bull rally which might help the coin to reach at $50,000, by breaking out of the flag and pole pattern. However, one needs to be cautious of the low volumes and pivot levels. 

Support: $36,370(VWAP), $33,950(20EMA), $33,622(10EMA) and $31,065(50 EMA). 

Resistance: $36,900(Upper BB), $37,070(Previous R3 Pivot level) and $39,748(All-Time High)

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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