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Bitcoin (BTC) Continues to Climb Towards $51,000 Long-Term Resistance

Bitcoin has been steadily rising since January 24, reaching a peak of $48,189 on March 28. The entire movement may have been contained within an ascending parallel channel.

The exact slope of the channel, however, is unknown due to the multiple lengthy wicks.

If the upward trend continues, the nearest region of resistance will be near $51,000. This is a long-term horizontal resistance area and the 0.5 Fib retracement resistance level. Furthermore, it is parallel to the channel’s resistance line.

In the daily time range, technical indicators are positive. The MACD and the RSI are both rising.

The MACD is currently positive, and the RSI has risen over 70, both of which are optimistic indicators.

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