TA: Bitcoin Gains Momentum, Why BTC Could Rally Above $52K

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price broke the key $50,000 resistance zone against the US Dollar. BTC could continue to rise and it might soon clear the $52,000 resistance.

Bitcoin started a fresh increase above the $49,500 and $50,000 resistance levels.
The price is now trading above $50,500 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $50,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could dips a few points, but it could soon attempt a move above $52,000.

Bitcoin Price Rallies Above $50K

Bitcoin price formed a support base near the $49,500 level and started a fresh increase. BTC broke the key $50,000 resistance zone and the 100 hourly simple moving average to move into a positive zone.

There was also a break above a major bearish trend line with resistance near $50,000 on the hourly chart of the BTC/USD pair. The pair climbed higher nicely above the $51,000 and $51,500 levels. It traded close to $52,000 and a high is formed near $51,950.

Bitcoin is now consolidating below the $52,000 resistance. An initial support is near the $51,500 level. The next support could be the 23.6% Fib retracement level of the upward move from the $49,512 swing low to $51,950 high.

Source: BTCUSD on TradingView.com

The main support is now forming near the $50,600 level. It is close to the 50% Fib retracement level of the upward move from the $49,512 swing low to $51,950 high. If there is a downside break below the $50,600 support zone, the price could extend its decline. In the stated case, the price could test the $50,000 support and the 100 hourly SMA.

More Upsides In BTC?

If bitcoin stays above the $50,600 support zone and the 100 hourly SMA, it could rise further. An immediate resistance on the upside is near the $51,950 level.

The first major resistance is near the $52,000 level. A close above the $52,000 level could pump the price further in the near term. The next major hurdle for the bulls could be near the $53,200 zone.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is in the overbought zone.

Major Support Levels – $51,350, followed by $50,600.

Major Resistance Levels – $51,950, $52,000 and $53,200.

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.
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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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