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Bitcoin Is Moving Towards $50,000

By:
Vladimir Zernov
Published: Sep 16, 2021, 08:14 UTC

Bitcoin managed to settle above the 20 EMA and is trying to settle above the next resistance at $48,000.

Bitcoin

Bitcoin Stays Strong

Bitcoin managed to get above the resistance at $48,000 and continues to move towards the psychologically important $50,000 level. Meanwhile, Ethereum climbed above the resistance at $3,600 and is trying to gain additional upside momentum.

Smaller cryptocurrencies like Dogecoin or XRP failed to develop material momentum, and it looks that traders interest is concentrated in Bitcoin and Ethereum today.

Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, is stuck near 41%. Bitcoin’s recent rebound failed to provide significant support to Bitcoin Dominance which indicates that traders’ interest in altcoins remains strong.

Technical Analysis

bitcoin september 16 2021

Bitcoin continues to move higher and is trying to settle above the resistance level at $48,000. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

A successful test of the resistance at $48,000 will open the way to the test of the next resistance level at $50,000. In case Bitcoin gets above the key resistance at $50,000, it will attract more speculative traders and head towards the next resistance level which is located at $51,500.

A move above the resistance at $51,500 will open the way to the test of the resistance at $53,000. If Bitcoin manages to settle above the resistance at $53,000, it will move towards the next resistance level at $55,000.

On the support side, Bitcoin needs to get back below $48,000 to have a chance to develop downside momentum in the near term. The next support level for Bitcoin is located at the 20 EMA at $47,300.

If Bitcoin declines below the 20 EMA, it will head towards the support at $46,000. A successful test of this support level will lead to a test of the support at the 50 EMA at $45,500. If Bitcoin declines below the 50 EMA, it will continue its downside move and head towards the support level at $44,000.

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About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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