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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

TA: Why Bitcoin Turns Attractive On Dips Above $50K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price gained pace and cleared the $50,000 resistance against the US Dollar. BTC could correct lower, but dips might remain limited below $50,000.

  • Bitcoin climbed higher above the $49,500 and $50,000 resistance levels.
  • The price is now trading above $50,000 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $49,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower, but it might find support near $50,000 or $49,500.

Bitcoin Price Gains Momentum

Bitcoin price remained in an uptrend and extended its increase above the $49,500 resistance zone. BTC even broke the $50,000 resistance level and settled above the 100 hourly simple moving average.

The bulls remained in action and they were able to push the price above the $51,000 level. It traded close to $52,000 and a high is formed near $51,888. The price is now consolidating gains above the $51,000 level.

An immediate support on the downside is near the $50,800 level. It is close to the 23.6% Fib retracement level of the recent increase from the $46,895 swing low to $51,888 high. There is also a key bullish trend line forming with support near $49,500 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, an initial resistance is near the $51,500 level. The first major resistance is near the $52,000 level, above which the price could start a fresh increase. The next major resistance for the bulls may possibly be near the $53,200 level. Any more gains could set the pace for a move towards the $55,000 level.

Dips Supported In BTC?

If bitcoin fails to clear the $52,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $50,800 level.

The first major support is now forming near the $50,000 level and the trend line. It is near the 50% Fib retracement level of the recent increase from the $46,895 swing low to $51,888 high. If there is a break below the trend line support, the price might decline towards the $49,000 level and the 100 hourly SMA.

Technical indicators:

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

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

Major Support Levels – $50,800, followed by $50,000.

Major Resistance Levels – $51,500, $52,000 and $53,200.

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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.

Read more

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

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