TA: Bitcoin Regains Strength, Why BTC Could Hit $50 This Time

Aayush Jindal

Last Updated: June 11, 2024 1:57 pm

2 mins read

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Bitcoin price traded to a new weekly low at $44,012 before recovering losses against the US Dollar. BTC is back above $47,000 and it may attempt to clear the $48,000 resistance.

Bitcoin started a decent increase above the $45,500 and $46,000 resistance levels.
The price is now trading above $46,000 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $45,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate further higher if it clears the $48,000 resistance zone in the near term.

Bitcoin Price Eyes More Upsides

Bitcoin price extended its decline below the $44,200 support zone. However, BTC bulls were active above the $44,000 level. A low was formed near $44,012 before the price started a fresh increase.

There was a steady rise above the $45,000 and $45,500 resistance levels. The price cleared the 50% Fib retracement level of the main drop from the $48,100 swing high to $44,012 low. There was also a break above a key bearish trend line with resistance near $45,500 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $46,000 and the 100 hourly simple moving average. It is even trading above the 76.4% Fib retracement level of the main drop from the $48,100 swing high to $44,012 low.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $47,500 level. The first key resistance is near the $48,000 level and the last major swing high near $48,100. To continue higher, the price must clear the $48,000 resistance zone. The next major stop for the bulls could be $50,000.

Dips Supported in BTC?

If bitcoin fails to climb above the $48,000 and $48,100 resistance levels, it could start a downside correction. An initial support on the downside is near the $46,800 level.

The first major support is now near the $46,500 zone. The next key support is now near the $46,000 level and the 100 hourly SMA. If there is a clear break below $46,000, the price could revisit the $45,000 support zone.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.

Major Support Levels – $46,500, followed by $46,000.

Major Resistance Levels – $47,500, $48,000 and $48,100.

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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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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