Bitcoin (BTC) continues its ascent to the $ 50,000 level

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Bitcoin (BTC) resumed its ascent on September 15, confirming the breaking of a parallel descending channel.

It is rapidly approaching the closest resistance area at $ 49,070. Due to a confluence of Fib levels there should be stronger resistance at $ 50,700.

Continuous rebound

BTC has risen since it rebounded from the $ 43,950 support area on September 13. Over the next two days, he created two successive bullish candlesticks.

Despite the rebound, technical indicators remain bearish. However, they are showing some small signs of a bullish reversal. The MACD temporarily halted its decline by creating a higher momentum bar yesterday, and the RSI is attempting to break above 50.

However, the Supertrend is firmly bearish (red line).

Future movement

The six hour chart looks more bullish as it confirms the breakout of the descending parallel channel. After breaking out, BTC validated the channel as support before resuming its bullish movement.

On top of that, both MACD and RSI increase. The MACD is almost positive while the RSI is already above 50.

The closest resistance zone is at $ 49,070. This target is the 0.618 Fib retracement resistance level.

However, the two-hour chart is showing the first signs of weakness in the form of bearish divergences in the RSI and MACD.

Therefore, it is possible that a short-term decline will occur before the bullish movement continues.

Number of waves

The number of waves suggests that BTC is in wave C of an ABC corrective structure (black).

It has already passed the first target for the top of Wave C at $ 47,940. These were the 0.5 Fib retracement resistance level (white) and the 1: 1 ratio of the A: C waves (black).

The next most likely target for the top is at $ 50,750. This is the length of 1.61 waves A: C and the Fib retracement resistance level of 0.786 (white).

For the previous analysis of BeInCryptos Bitcoin (BTC), click here.

Disclaimer All information on our website is posted in good faith and for general information purposes only. Any action that the reader takes on the information found on our website is strictly at his own risk.

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