Exclusive Bitcoin (BTC) Recovers for Another Attack on $50,000

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In Brief
  • Bitcoin has found support above $47,500.

  • BTC is in the process of breaking out from a short-term descending resistance line.

  • Short-term indicators are bullish.

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The Bitcoin (BTC) price bounced at the $47,500 support area on March 3 and is currently making an attempt at moving above the $50,650-$52,450 resistance area.



Bitcoin is expected to eventually be successful in reclaiming this level and continue moving upwards.

Bitcoin in Recovery

After bouncing on March 1, BTC decreased slightly the next day. It created a small bearish candlestick in what looks like a regular retracement in response to the previous increase.



Similar to yesterday, the RSI is bullish. It bounced at the 50-line, but the MACD and the Stochastic oscillator have yet to show any bullish reversal signs.

Short-Term Movement

The six-hour chart shows that BTC is approaching the main resistance area found at $50,650-$52,450. The area is created by the 0.5-0.618 Fib retracement levels measuring from the most recent downward movement..

A breakout and validation of this level as support would likely confirm that the trend is bullish.

The MACD is increasing and has nearly crossed into positive territory. The RSI has also moved above 50, supporting the possibility of a breakout.

The two-hour chart shows that BTC has flipped the $47,500 area as support, and is currently in the process of breaking out from a short-term descending resistance line. This is a movement that could return it to the previously outlined resistance area.

Wave Count

The increase beginning on March 1 (highlighted in green) looks impulsive, indicative of it being the beginning of a bullish impulse.

Furthermore, the resulting decrease was very small, only reaching the 0.382 Fib retracement level. This is a common sign of strength.

Therefore, it’s likely that this is the beginning of a bullish impulse which could take BTC to a new all-time high.

For the longer-term wave count, click here.

Conclusion

Bitcoin is expected to move towards the $50,650-$52,450 area and potentially break out.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

 

 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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