Bitcoin (BTC) price extends gains for the second straight session on Tuesday. BTC has been rising along the ascending trend line, which is extending from the lows of $32,933.33. Investors gain confidence as the price found reliable support above the 50-day Simple Moving Average (SMA) at $41,784.42.
- Bitcoin (BTC) price gained on Tuesday.
- BTC has the potential to rally 40% if the price closes above $44,000.
- A breakdown below the 50-day SMA at $41,784.16.
As of press time, BTC/USD is trading at $44,315, up 4.05% for the day. The live 24-hour trading volume stands at $24,465,361,287 with gains of 35% as per the CoinMarketCap.
The largest cryptocurrency by market cap faces an upside risk near the $46,000 resistance level while the downside is capped near the $35,000 and $40,000 that could stabilize the pullbacks over the short term.
BTC price set eyes on 200 EMA
On the daily chart, Bitcoin (BTC) has been trading inside the ‘rising wedge’ formation. The price recorded an ascent of 39% from January’s lows. Earlier, BTC’s price dropped 31% as it sliced through the $42,500 support level, flipping them into the current resistance barriers.
Now, to continue with the current bullish undercurrent investors need to clear the blockade that is placed near the $45,500 and accumulate the buy-stop liquidity resting above it. An acceptance above the 200-SMA (Simple Moving Average) could further aim the upside towards the $52,000.
On the flip side, investors would lose their patience if the price slips below the 50-day SMA that also coincides with the breaking of the lower trend line of the pattern. The interim support is placed at $40,000.
Technical Indicator:
RSI: The Daily Relative Strength Index (RSI) trades at 60, which is an indication market is still far from overheating.
MACD: The Moving Average Convergence Divergence (MACD) comfortable reads above the midline with a bullish undercurrent.
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