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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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TA: Bitcoin Holds Support, Indicators Suggest Fresh Increase to $52K

Aayush Jindal by Aayush Jindal
2 years ago
in BTC
Reading Time: 2 mins read

Bitcoin remained well bid above the $49,000 support against the US Dollar. BTC could start a fresh increase if it clears the $50,800 resistance zone.

  • Bitcoin is showing a few positive signs above the $49,000 support zone.
  • The price is now trading above $49,500 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $50,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase if it is above the $49,000 level.

Bitcoin Price Aims Fresh Increase

Bitcoin price corrected below the $50,000 support level from the $52,000 resistance zone. BTC broke the $49,500 support level, but the bulls were active above the $49,000 level.

The last swing high was formed near $51,955 before there was a downside correction. The price traded below the 50% Fib retracement level of the recent increase from the $47,210 swing low to $51,955 high. Bitcoin price also spiked below the $49,500 support and the 100 hourly simple moving average.

However, it was stable near the $49,000 level. The 61.8% Fib retracement level of the recent increase from the $47,210 swing low to $51,955 high also acted as a support.

The price is now trading above $49,500 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $50,400 level. The next major resistance is near the $50,500 level. There is also a key bearish trend line forming with resistance near $50,500 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear break above the $50,500 resistance zone could open the doors for more upsides. The next key resistance is near the $52,000 level, above which the price may possibly start a major increase.

More Losses In BTC?

If bitcoin fails to clear the $50,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $50,000 level and the 100 hourly SMA.

The first major support is now forming near the $49,000 level. A downside break below the $49,000 support may perhaps increase selling pressure. The next stop for the bears might be $47,200.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.

Major Support Levels – $50,000, followed by $49,000.

Major Resistance Levels – $50,500, $52,000 and $53,500.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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