Bitcoin could go back to $ 50,000 but there is traffic

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(Kitco News) – Looking at the daily Bitcoin chart below, price action looks firm, but there are some worrying levels. The price is now stuck at the Volume Control Point (VPOC) of the current distribution area. It is at this point that most contracts have been traded in the current consolidation zone. This is reflected by the peak of the bell curve on the volume profile indicator on the right side of the chart.

If the price crosses the zone, the next resistance could be the psychological zone of $ 50,000, but a strong point could be the area shaded in blue at $ 52,650. Then the main purple zone at $ 57,500 and the high at $ 64,899.

On the downside, the green area was a large level twice on the chart and could be significant if the price drops. $ 41,293 was major resistance in the past, but now that the price has broken through the level, it could be strong support. The main VPOC on the chart is on the red horizontal line, but the price is a long way from that point now, but it should be noted.

Overall this is now a good move upward, the area shaded in red is the 50% Fibonacci retracement area (not shown on the chart) and the blue level is near the all-important 61.8%. I feel like these are two major hurdles for Bitcoin bulls.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.

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