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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 Spikes Higher, Why Bulls Could Aim Larger Increase To $52K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Bitcoin started an upside correction above the $48,000 resistance zone against the US Dollar. BTC could gain pace if there is a close above the $50,000 level.

  • Bitcoin started a decent increase above the $47,500 and $48,000 levels.
  • The price is now trading above $48,500 and the 100 hourly simple moving average.
  • There was a break above a connecting bearish trend line with resistance near $48,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate higher if there is a close above the $50,000 resistance zone.

Bitcoin Price Starts Recovery

Bitcoin price started a recovery wave above the $47,500 resistance zone. BTC bulls gained strength for a move above the $48,000 resistance zone.

The upward move was such that the price broke the Fib retracement level of the recent decline from the $48,762 swing high to $46,666 low. Besides, there was a break above a connecting bearish trend line with resistance near $48,200 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $48,500 and the 100 hourly simple moving average. It is testing the $49,250 resistance zone. It seems like the 1.236 Fib extension level of the recent decline from the $48,762 swing high to $46,666 low is acting as a resistance.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance is near the $49,500 level. The next key resistance could be $50,000. A proper break above the $50,000 resistance could open the doors for more upsides. The next key resistance is near the $51,200 level, above which the price may possibly rise towards $52,000.

Dips Limited In BTC?

If bitcoin fails to clear the $49,250 resistance zone, it could start a downside correction. An immediate support on the downside is near the $48,250 level and the 100 hourly SMA.

The first major support is now forming near the $48,000 level. The main support is now near $47,500. A downside break below the $47,500 support may perhaps start a fresh decline in the near term. In the stated case, it could decline towards the $45,000 support zone.

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 currently above the 50 level.

Major Support Levels – $48,250, followed by $47,500.

Major Resistance Levels – $49,250, $50,000 and $52,000.

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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.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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