Bitcoin (BTC/USD) is breaking above the psychological $50,000 resistance level. Bullish price action remains dominant and strong – and without a trace of weakness.
How far can the uptrend go? This article provides our best guess based on Elliott Wave, Fibonacci, and price swing patterns.
The BTC/USD bullish break above the $50k resistance is also a potential break above the small rising wedge chart pattern. Let’s review the targets and waves:
Once the wave 3-4-5 (pink) is completed, a larger pullback is possible. But price action is likely to find support quickly. Especially when considering the strong uptrend.
Support is expected between $40k and $50k after hitting the $57.5k target. The most likely support levels are $47-$50k zone.
On the 1 hour chart, a bullish breakout is taking place right now. But some smaller pullback (orange arrows) to the broken resistance (green box) and the 21 ema zone is always possible.
At the support, price action could make a bullish bounce to push higher (green arrow) in wave 5 (blue) of a wave 5 (grey).