June 24, 2021

TA: Bitcoin Claims $50K, Why BTC Could Continue Higher To $52K

2 min read

Bitcoin rate got bullish momentum and broke the $50,000 resistance versus the United States Dollar. BTC is holding gains and it seems like it might rise further towards the $52,000 level.

  • Bitcoin broke the $50,000 resistance and traded to a brand-new all-time high near $50,600.
  • The cost is trading perfectly near $50,000 and it is well above the 100 per hour easy moving average.
  • There was a break above a key contracting triangle with resistance near $49,500 on the per hour chart of the BTC/USD set (data feed from Kraken).
  • The set is most likely to continue higher towards $52,000 as long as it is above the $48,000 assistance.

Bitcoin Price is Extending Gains

Lastly, bitcoin price was able to clear the $50,000 resistance zone. BTC climbed up above the $50,200 and $50,500 levels. It traded to a new all-time high at $50,600 prior to fixing lower.

There was a sharp correction listed below the $50,000 level. The cost even spiked below the $49,000 support level. However, the bulls were active near the $48,000 zone and the 100 per hour basic moving average. A low is formed near $47,819 and the cost is currently increasing.

Bitcoin is trading above the 50% Fib retracement level of the down correction from the $50,600 swing high to $47,819 low. There was also a break above an essential contracting triangle with resistance near $49,500 on the per hour chart of the BTC/USD pair.

Bitcoin Price

 Source: BTCUSD on TradingView.com

The cost is trading nicely near $50,000 and it is well above the 100 per hour simple moving average. It is checking the 76.4% Fib retracement level of the down correction from the $50,600 swing high to $47,819 low.

It looks like the rate is most likely to continue greater towards the $50,600 high. Any more gains may quickly press the rate above the $51,000 level. The next essential resistance sits at $52,000.

Fresh Dip in BTC?

If bitcoin fails to settle above the $50,000 and $50,200 levels, there might be a drawback correction. A preliminary support is near the $49,500 level and the damaged triangle pattern line.

A downside break below the $49,500 level could lead the rate towards the $48,000 assistance. The 100 hourly easy moving average is also sitting near $48,000 to provide support.

Technical indicators:

Hourly MACD –– The MACD is getting momentum in the bullish zone.

Per Hour RSI (Relative Strength Index) –– The RSI for BTC/USD is now well above the 50 level.

Major Support Levels –– $49,500, followed by $49,000.

Significant Resistance Levels –– $50,500, $51,000 and $52,000.