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

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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.

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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.

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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.

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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.

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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.

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Author: Aayush Jindal

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