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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans
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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

TA: Bitcoin Turns Green, Why BTC Could Soon Breach $50K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price started a strong increase above $45,000 against the US Dollar. BTC is now facing resistance near $50,000, but it might continue to rise.

  • Bitcoin gained pace above the $45,500 and $47,500 resistance levels.
  • The price is now trading above $47,000 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower, but the bulls might remain active near $47,000 or $46,500.

Bitcoin Price Gains Pace

Bitcoin price started a strong increase above the $45,000 resistance level. BTC broke the $46,500 resistance level and settled above the 100 hourly simple moving average.

The bulls gained strength and the price pumped above the $47,500 resistance. It even broke the $48,800 level and traded as high as $49,257. It is now correcting lower and trading below $48,500. An immediate support on the downside is near the $47,500 level.

Bitcoin is now trading well above the 23.6% Fib retracement level of the recent rally from the $40,890 swing low to $49,257 high. There is also a key bullish trend line forming with support near $47,000 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $48,000 level. The first major resistance is near the $48,500 level, above which the price could revisit $49,250.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next major resistance is near the $50,000 level. A close above the $50,000 level could start a major increase in the near term. In the stated case, the price might rise towards the $52,000 level in the near term.

Dips Supported In BTC?

If bitcoin fails to clear the $48,500 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $47,500 level. The first major support is now forming near the $47,250 level and the channel trend line.

A break below the trend line support might push the price towards the $46,500 level. The 100 hourly simple moving average is also near the $46,500 level to provide support. The next major support might be near the 50% Fib retracement level of the recent rally from the $40,890 swing low to $49,257 high at $45,075.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.

Major Support Levels – $47,250, followed by $46,500.

Major Resistance Levels – $48,500, $49,250 and $50,000.

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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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Reason to trust

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Created by industry experts and meticulously reviewed
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