BTC/USD Rallies to $56,000 Excessive After a Pullback Above $51,000 Help

Bitcoin (BTC) Value Prediction – February 20, 2021
BTC/USD is buying and selling at $56,980 on the time of writing. Analysts have predicted that after the $50,000 psychological worth stage is breached, BTC worth will rally to $60,000. The $50,000 resistance was damaged on February 17. Three days later, the value has rallied above $56,000.

Resistance Ranges: $58,000, $59,000, $60,000
Help Ranges: $40,000, $39,000, $38,000

BTC/USD – Day by day Chart

Following the breaking of the $50,000 resistance, Bitcoin has risen above $56,000 excessive. The upside momentum seems to be sooner on the upside when in comparison with the earlier worth motion. The main resistance is the $52,500 excessive. BTC worth corrected for 2 days earlier than breaking above it. The value made a pullback to $51,000 help earlier than resuming upward. The bullish momentum broke the $52,500 as worth rallied above $56,000 excessive. The BTC worth is presently going through resistance at $57,500. The RSI and the day by day stochastic have indicated that BTC worth has reached the overbought area of the market. It’s uncertain if the upside momentum will proceed or subside.

Bitcoin (BTC) Indicator Studying
Bitcoin is above the 80% vary of the day by day stochastic. It signifies that Bitcoin has been within the overbought situation since February 4. The stochastic bands are sloping horizontally above the 80% vary.The shifting averages are sloping northward indicating the uptrend. The crypto’s costs are properly above the SMAs which signifies that Bitcoin is rising. Bitcoin is at stage 88 of the Relative Power Index interval 14. It signifies that Bitcoin is in an uptrend zone and will not proceed upside momentum.

BTC/USD – Weekly Chart

On a weekly chart, a retraced candle physique on January 18, examined the 61.8% Fibonacci retracement stage. The retracement implies that BTC worth will rise to stage 1.618 Fibonacci extension or the excessive of $58,048.40. The market is presently going through some resistance at a $57,000 excessive. If this stage is crossed, the BTC worth will hit $60,000.