BTC Bull Attempts to Break $50,000 - A Psychological Hurdle as well as The Next Major Resistance

Over last weekend, BTC buyers were active and defended support near the 100-day moving average at $45,000. On Monday, Bitcoin broke above $50,000 for several hours, but failed to stay above it and now is trading at around $49,000.

 

Overall, it's still moderately early in confirming bull market continuation as bitcoin price has yet to challenge a major resistance zone between $55-58k. In terms of mid to high time frame structure, the technicals have significantly improved, giving the bulls the advantage.

 

On the daily chart, Bitcoin has been trading inside a rising wedge pattern for the past few days. The bulls flipped the $49,000 level to support on Aug. 23 and pushed the price above the psychological level of $50,000. After crossing above EMA100 line, BTC found support on the MA20 ($45.9k) . The relative strength index (RSI) is near overbought levels, which could encourage profit taking around resistance. However, Upside momentum is strengthening on the  daily chart, which suggests buyers are in control. The critical zone bitcoin needs to reclaim is $55,000-$58,000.

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