TA: Bitcoin Claims $50K, Why BTC Could Continue Higher To $52K

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price gained bullish momentum and broke the $50,000 resistance against the US Dollar. BTC is holding gains and it seems like it could rise further towards the $52,000 level.

Bitcoin broke the $50,000 resistance and traded to a new all-time high near $50,600.
The price is trading nicely near $50,000 and it is well above the 100 hourly simple moving average.
There was a break above a key contracting triangle with resistance near $49,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue higher towards $52,000 as long as it is above the $48,000 support.

Bitcoin Price is Extending Gains

Finally, bitcoin price was able to clear the $50,000 resistance zone. BTC climbed above the $50,200 and $50,500 levels. It traded to a new all-time high at $50,600 before correcting lower.

There was a sharp correction below the $50,000 level. The price even spiked below the $49,000 support level. However, the bulls were active near the $48,000 zone and the 100 hourly simple moving average. A low is formed near $47,819 and the price is currently rising.

Bitcoin is trading above the 50% Fib retracement level of the downward correction from the $50,600 swing high to $47,819 low. There was also a break above a key contracting triangle with resistance near $49,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The price is trading nicely near $50,000 and it is well above the 100 hourly simple moving average. It is testing the 76.4% Fib retracement level of the downward correction from the $50,600 swing high to $47,819 low.

It seems like the price is likely to continue higher towards the $50,600 high. Any more gains might easily push the price above the $51,000 level. The next key resistance sits at $52,000.

Fresh Dip in BTC?

If bitcoin fails to settle above the $50,000 and $50,200 levels, there could be a downside correction. An initial support is near the $49,500 level and the broken triangle trend line.

A downside break below the $49,500 level could lead the price towards the $48,000 support. The 100 hourly simple moving average is also sitting near $48,000 to provide support.

Technical indicators:

Hourly MACD – The MACD is 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 – $49,500, followed by $49,000.

Major Resistance Levels – $50,500, $51,000 and $52,000.

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.

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.

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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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