Upbeat moods can be spotted on the cryptocurrency market at the beginning of a new week. Coins gained over the week with Bitcoin managing to break above the $50,000 barrier. Trading looks a bit muted so far today but breaking above such a key level may encourage buyers to become more active.
Taking a look at BITCOIN from a technical point of view, one can see that the price holds above a key $50,000-50,700 zone. This area, that earlier acted as a resistance, is a key, near-term support to watch now. According to classic technical analysis, breaking above the aforementioned zone paves the ways for another upward impulse. The first major target for bulls is the $56,720 area, where the 78.6% retracement of the downward impulse launched in April can be found. On the other hand, should we see a reversal on the market and price pulling back below $50,000 mark, the next major support to watch can be found at the lower limit of market geometry at around $46,500.
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Source: xStation5
