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

Aayush Jindal

1 year ago

2 mins read

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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.

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.

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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