Bitcoin's Uptrend Amid Range-Bound Trading and EMA Support
Solid ECN – Bitcoin has been between $50,000 and $53,000 and has stayed above the 50 EMA, as shown in the 4-hour chart. When writing, the BTCUSD is trading around $51,600, with the technical indicators promising a continuation of the uptrend.
The RSI indicator flips above 50, and the AO bars have turned green.
The $50,583 level serves as the support to the primary bullish trend. Therefore, from a technical standpoint, if this minor support holds, the uptrend will likely continue, with $53,020 as its first target, followed by the psychological resistance level at $55,000.
On the flip side, if the BTCUSD price falls below the 50 EMA, the 23.6% Fibonacci retracement level will be the first barrier for the bears to confront. This level is further backed up by the Ichimoku cloud, which makes it an exciting price area for the bulls to add new bids.