TA: Why Bitcoin Could Start Fresh Increase and Revisit $50K

Aayush Jindal

Last Updated: June 11, 2024 2:20 pm

2 mins read

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Bitcoin is consolidating below the $48,000 resistance against the US Dollar. BTC could start a fresh rally if it clears the $48,000 resistance zone.

Bitcoin is stable above the $47,000 and $46,800 support levels.
The price is trading above $46,500 and the 100 hourly simple moving average.
There is a major breakout pattern forming with resistance near $47,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if it manages to clear the $48,000 resistance zone.

Bitcoin Price Eyes Fresh Increase

Bitcoin price started a minor downside correction after it failed near the $48,200 level. BTC corrected lower and traded below the $47,800 support level. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

There was a move below the 23.6% Fib retracement level of the upward move from the $44,469 swing low $48,200 high. The price even moved below the $47,000 level, but the bulls were active near the $46,800 and $46,500 levels.

Bitcoin is now trading above $46,500 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $47,600 level.

There is also a major breakout pattern forming with resistance near $47,700 on the hourly chart of the BTC/USD pair. The next major resistance could be near the $48,000 zone. A successful break and close above the triangle resistance and then $48,000 could start a strong increase.

Source: BTCUSD on TradingView.com

The next major hurdle on the upside might be near the $49,200 level. Any more gains could send the price towards the key the $50,000 level.

Dips Limited in BTC?

If bitcoin fails to clear the $47,700 resistance zone, it could correct further lower. An immediate support on the downside is near the $47,000 zone. The next major support is seen near the $46,800 level and the 100 hourly simple moving average.

The main support now sits near the $46,400 level. It is near the 50% Fib retracement level of the upward move from the $44,469 swing low $48,200 high. A downside break below the $46,400 support zone could send the price to $45,000 in the near term. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

Technical indicators:

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

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

Major Support Levels – $46,800, followed by $46,400.

Major Resistance Levels – $47,700, $48,000 and $48,200.

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.

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.

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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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