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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Bitcoin Holding Gains, Why BTC Could Surge Above $50K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price recovered above $48,000, but it failed near $50,000 against the US Dollar. BTC is now holding gains above $47,000 and it is likely to make another attempt to surpass $50,000.

  • Bitcoin is consolidating gains above the $47,000 and $46,500 support levels.
  • The price is now trading well above $47,000 and the 100 hourly simple moving average.
  • There is a key declining channel or a bullish flag forming with resistance near $49,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong increase once it clears $49,000 and $50,000 in the near term.

Bitcoin Price is Showing Positive Signs

After struggling to clear the $50,000 resistance, bitcoin started a downside correction. BTC declined below the $49,500 and $49,000 support levels.

The price even traded below the 23.6% Fib retracement level of the upward move from the $43,000 swing low to $50,190 high. It even declined below the $48,000 support level. However, the bulls were able to protect the $47,000 support zone.

The price remained stable above the 100 hourly simple moving average, which is currently at $47,100. Bitcoin also remained well bid above the 50% Fib retracement level of the upward move from the $43,000 swing low to $50,190 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

It seems like there is a key declining channel or a bullish flag forming with resistance near $49,000 on the hourly chart of the BTC/USD pair.

If there is an upside break above the channel resistance, there are high chances of a push above the $50,000 resistance. The next major resistance is near $52,000, above which the bulls are likely to take control.

Fresh Dip in BTC?

If bitcoin fails to continue higher above the $49,000 and $50,000 resistance levels, there could be a fresh decline. The first key support on the downside is near the $47,500 level.

The next major support is near the $47,000 level and the 100 hourly simple moving average. The main breakdown zone is now forming near the $46,500 level, below which the price might dive to $43,000 in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $47,000, followed by $46,500.

Major Resistance Levels – $49,000, $50,000 and $52,000.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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Created by industry experts and meticulously reviewed
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