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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

TA: Bitcoin Rallies, Why BTC Could Register A Close Above $50K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Bitcoin price started a steady increase above the $48,000 resistance zone against the US Dollar. BTC is now trading above $49,500 and it could accelerate above $50,000.

  • Bitcoin started a fresh increase above the $48,500 and $49,000 resistance levels.
  • The price is now trading well above $49,000 and the 100 hourly simple moving average.
  • There was a break above a crucial bearish trend line with resistance near $47,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate further higher once there is a close above the $50,000 zone.

Bitcoin Price Breaks Key Barrier

Bitcoin price formed a base above the $46,500 zone and started a steady increase. BTC was able to clear the $48,500 resistance zone to move into a positive zone.

Besides, there was a break above a crucial bearish trend line with resistance near $47,750 on the hourly chart of the BTC/USD pair. The pair gained pace above the 61.8% Fib retracement level of the key decline from the $49,678 swing high to $46,533 low.

Bitcoin is now trading well above $49,000 and the 100 hourly simple moving average. It is consolidating near the $49,800 resistance zone. On the downside, an initial support is forming near the $49,650 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first key support is forming near the $49,500 level. If there is a downside break below the $49,500 support zone, the price might decline towards $48,800. The next major support is near the $48,500 level, where the bulls are likely to emerge.

More Upsides In BTC?

If bitcoin stays above the $49,500 support zone, it could continue to rise. An immediate resistance on the upside is near the $49,850 level. The first major resistance is near the $50,000 level.

A close above the $50,000 level could lift the price further. The next stop could be the 1.236 Fib extension level of the key decline from the $49,678 swing high to $46,533 low. Any more gains could lead the price towards the $52,000 resistance zone in the coming sessions. An intermediate resistance is near the $51,550 level.

Technical indicators:

Hourly MACD – The MACD is gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 60 level.

Major Support Levels – $49,500, followed by $48,800.

Major Resistance Levels – $49,800, $50,000 and $50,400.

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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.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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