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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.
Bitcoin price suffers rejection but technicals remain bullish as key support holds
Anil PanchalAnil PanchalFXStreet

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

Additional important levels

Overview
Today last price49171.91
Today Daily Change0.00
Today Daily Change %0.00%
Today daily open49171.91
 
Trends
Daily SMA2041079.81
Daily SMA5036983.97
Daily SMA10028287.17
Daily SMA20019974.97
 
Levels
Previous Daily High50614.01
Previous Daily Low47059.22
Previous Weekly High48932.32
Previous Weekly Low37390.41
Previous Monthly High41987.21
Previous Monthly Low27772
Daily Fibonacci 38.2%49256.08
Daily Fibonacci 61.8%48417.15
Daily Pivot Point S147282.75
Daily Pivot Point S245393.6
Daily Pivot Point S343727.97
Daily Pivot Point R150837.54
Daily Pivot Point R252503.16
Daily Pivot Point R354392.32

Author

Anil Panchal

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.

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