Bitcoin price suffers rejection but technicals remain bullish as key support holds
- BTC/USD picks up bids above $49,000 in a move to defy pullback from record top.
- Bullish momentum, RSI join sustained trading beyond key trend line convergence to back the upside moves.
- 200-bar SMA adds to the downside filter, weekly support line restricts immediate declines.
BTC/USD regains above $49,000, currently near $49,320, while extending the late Tuesday’s recovery moves from the mid-$47,000s. In doing so, the crypto major eyes the record top, flashed the previous day, as earlier pullback couldn’t conquer the key support.
Also favoring the bitcoin buyers could be the strong RSI and Momentum (MOM) indicators suggesting the continuation of the uptrend.
As a result, BTC/USD bulls are currently directed towards breaking an ascending resistance line from February 09, at $50,260 now, before challenging the all-time peak around $50,600.
During the quote’s sustained run-up past-$50,600, chatters surrounding the cryptocurrency pair’s rally towards the $100,000 psychological magnet will gain momentum.
Alternatively, an upward sloping trend line from Monday, currently around $47,950, offers immediate support to the quote ahead of highlighting the confluence of a previous resistance line from January 29 and a three-week-old support line near $43,900.
It should also be noted that the 200-bar SMA level of $38,100 offers extra support during the BTC/USD downside below the stated key level for bears.
BTC/USD four-hour chart
Trend: Bullish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
