June 24, 2021

TA: Bitcoin Sets New ATH Above $52K, Why Dips Remain Attractive

2 min read

Bitcoin rate extended its rally above the $51,000 level and it even broke $52,000 versus the US Dollar. BTC traded to a brand-new all-time high near $52,745 and it is consolidating gains.

  • Bitcoin broke the $52,000 resistance and traded to a brand-new all-time high near $52,745.
  • The cost is trading perfectly near $52,000 and it is well above the 100 hourly basic moving average.
  • There is a short-term contracting triangle with resistance near $52,250 on the per hour chart of the BTC/USD set (data feed from Kraken).
  • The pair might dip towards $51,500 or $51,000, however the bulls are likely to remain active.

Bitcoin Price is Showing Positive Signs

There were mainly bullish moves in bitcoin rate above the $50,000 resistance. BTC extended its rally above the $51,000 and $51,500 resistance levels.

Throughout the increase, there was a break above an essential contracting triangle with resistance near $51,200 on the hourly chart of the BTC/USD pair. It unlocked for more gains above $52,000 (as talked about yesterday).

The cost traded to a new all-time high near $52,745 before beginning a downside correction. It is trading near $52,000 and it is well above the 100 per hour easy moving average. There was a break listed below the 23.6% Fib retracement level of the current increase from the $50,773 swing low to $52,744 high.

 Source: BTCUSD on TradingView.com

There is likewise another short-term contracting triangle with resistance near $52,250 on the very same chart. If bitcoin cost remains stable, there are possibilities of a fresh increase above the $52,250 and $52,500 levels.

The next major resistance is near the $52,744 high, above which the bulls might aim a break above the $53,000 and $53,200 levels in the near term.

Dips Supported BTC?

If bitcoin stops working to clear the triangle resistance, it could fix lower listed below $52,000. The next support is near the $51,750 level. It is close to the 50% Fib retracement level of the recent boost from the $50,773 swing low to $52,744 high.

The primary support is now forming near the $51,500 level, where the bulls are likely to take a stand. Anymore losses may lead the rate towards the $50,500 support level.

Technical signs:

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

Hourly RSI (Relative Strength Index) –– The RSI for BTC/USD is now well above the 60 level.

Major Support Levels –– $51,500, followed by $50,500.

Major Resistance Levels –– $52,250, $52,750 and $53,000.