TA: Bitcoin Sets New ATH Above $52K, Why Dips Remain Attractive

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price extended its rally above the $51,000 level and it even broke $52,000 against the US Dollar. BTC traded to a new all-time high near $52,745 and it is consolidating gains.

Bitcoin broke the $52,000 resistance and traded to a new all-time high near $52,745.
The price is trading nicely near $52,000 and it is well above the 100 hourly simple moving average.
There is a short-term contracting triangle with resistance near $52,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could dip towards $51,500 or $51,000, but the bulls are likely to remain active.

Bitcoin Price is Showing Positive Signs

There were mostly bullish moves in bitcoin price above the $50,000 resistance. BTC extended its rally above the $51,000 and $51,500 resistance levels.

During the increase, there was a break above a key contracting triangle with resistance near $51,200 on the hourly chart of the BTC/USD pair. It opened the doors for more gains above $52,000 (as discussed yesterday).

The price traded to a new all-time high near $52,745 before starting a downside correction. It is trading near $52,000 and it is well above the 100 hourly simple moving average. There was a break below the 23.6% Fib retracement level of the recent increase from the $50,773 swing low to $52,744 high.

Source: BTCUSD on TradingView.com

There is also another short-term contracting triangle with resistance near $52,250 on the same chart. If bitcoin price remains stable, there are chances of a fresh increase above the $52,250 and $52,500 levels.

The next major resistance is near the $52,744 high, above which the bulls could aim a break above the $53,000 and $53,200 levels in the near term.

Dips Supported BTC?

If bitcoin fails to clear the triangle resistance, it could correct lower below $52,000. The next support is near the $51,750 level. It is close to the 50% Fib retracement level of the recent increase from the $50,773 swing low to $52,744 high.

The main support is now forming near the $51,500 level, where the bulls are likely to take a stand. Any more losses might lead the price towards the $50,500 support level.

Technical indicators:

Hourly MACD – The MACD is losing momentum in the bullish zone.

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

Major Support Levels – $51,500, followed by $50,500.

Major Resistance Levels – $52,250, $52,750 and $53,000.

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.
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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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