TA: Bitcoin Surges 20% To New ATH, Why BTC May Soon Test $50K

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price started a strong surge above the $42,000 resistance against the US Dollar. BTC traded to a new all-time high near $47,500 and it remains supported for more gains.

Bitcoin started a strong increase above the $40,000 and $42,000 resistance levels.
The price is now well above $45,000 and the 100 hourly simple moving average.
There was a break above a bullish continuation pattern with resistance near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue higher towards the $48,000 and $50,000 levels in the near term.

Bitcoin Price is Gaining Bullish Momentum

After the report highlighting Tesla’s bitcoin holding, bitcoin price started a strong surge above the $42,000 resistance. BTC rallied over 20% and it broke many hurdles on the way up.

After hitting $44,500, there was a minor consolidating. Finally, there was a break above a bullish continuation pattern with resistance near $43,500 on the hourly chart of the BTC/USD pair. The pair climbed further higher above the $45,000 and $46,000 levels.

The price traded to a new all-time high near $47,513 before it started a downside correction. There was a break below the $46,500 level. Bitcoin corrected below the 23.6% Fib retracement level recent rally from the $42,528 swing low to $47,513 high.

Source: BTCUSD on TradingView.com

It is now well above $45,000 and the 100 hourly simple moving average. The next key support is near the $45,000 level. It is close to the 50% Fib retracement level recent rally from the $42,528 swing low to $47,513 high.

On the upside, a break above the $47,500 zone could open the doors for more gains. The next target could be $48,500, but the bulls might aim a test of the $50,000 level in the near term.

Dips Supported in BTC?

If bitcoin fails to continue higher, it could correct lower towards the $45,500 and $45,000 levels. The next major support is near the $44,250 level (the recent breakout zone).

Any more losses below the $45,000 and $44,250 support levels could spark a downside extension. In the stated case, the price might dip towards the $42,000 support.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still in the overbought zone.

Major Support Levels – $45,000, followed by $44,250.

Major Resistance Levels – $47,500, $48,000 and $50,000.

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.
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.

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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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