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Bitcoin

TA: Bitcoin Steadies Above $50K, Why Bulls Aim Fresh Monthly High

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

Bitcoin is holding gains above the $50,000 resistance against the US Dollar. BTC is showing positive signs and there could be more gains above $52,000.

  • Bitcoin settled above the $50,000 resistance zone and dips remained supported.
  • The price is trading well above $50,000 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $50,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is gaining pace and might soon clear the $51,200 resistance zone in the near term.

Bitcoin Price Gains Pace

Bitcoin price started a minor downside correction from the $51,800 zone. BTC declined below the $51,200 level to move into a short-term bearish zone.

There was a break below the 50% Fib retracement level of the upward move increase from the $48,105 swing low to $51,800 high. There was even a spike below the $50,000 level and the 100 hourly simple moving average.

However, dips remained limited below $50,000. The price tested the 61.8% Fib retracement level of the upward move increase from the $48,105 swing low to $51,800 high. It formed a base and started a fresh increase above the $50,000 level.

Bitcoin is trading well above $50,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $50,400 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $51,200 level. The next key resistance could be $51,500. A clear move above the $51,500 resistance zone could start a fresh increase. The next major stop for the bulls may possibly be near the $53,500 level.

Dips Limited In BTC?

If bitcoin fails to clear the $51,200 resistance zone, it could start another downside correction. An immediate support on the downside is near the $50,200 level.

The first major support is near $50,000. A downside break below the $50,000 level could push the price towards the $49,400 support. Any more losses may possibly push the price towards the $48,500 support zone.

Technical indicators:

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

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

Major Support Levels – $50,200, followed by $50,000.

Major Resistance Levels – $51,500, $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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