June 24, 2021

TA: Bitcoin Turns Attractive Above $50K, Why BTC Extend Its Rally

2 min read

Bitcoin price got bullish momentum above the $50,000 resistance against the United States Dollar. BTC traded towards $52,000 and it remains supported for more upsides.

  • Bitcoin began a fresh boost above the $50,000 and $50,500 resistance levels.
  • The rate is now trading well above $50,000 and the 100 hourly simple moving average.
  • There is a crucial increasing channel forming with support at $50,500 on the per hour chart of the BTC/USD pair (information feed from Kraken).
  • The set could correct a couple of points, however the bulls are most likely to secure $50,000 and $49,500.

Bitcoin Price Starts Fresh Increase

After a strong close above the $48,000 level, bitcoin began a fresh boost. BTC was able to clear the key $50,000 and $50,500 resistance levels to move into a positive zone.

There was also a break above a significant bearish trend line with resistance near $48,400 on the per hour chart of the BTC/USD set. The pair extended its increase above the $51,000 level and traded to a new weekly high at $51,853.

It is now correcting lower, however it is trading well above $50,000 and the 100 per hour basic moving average. A preliminary support is near the $50,750 level. It is close to the 23.6% Fib retracement level of the upward wave from the $47,141 swing low to $51,853 high.

Bitcoin Price

 Source: BTCUSD on TradingView.com

There is also a crucial rising channel forming with assistance at $50,500 on the very same chart. The next major support is near the $50,000 level. Any more losses might potentially lead the cost towards the 50% Fib retracement level of the upward wave from the $47,141 swing low to $51,853 high near $49,500. The main support is now forming near the $48,800 level and the 100 hourly simple moving average.

More Upsides in BTC?

If bitcoin stays above $50,500 and $49,500, it could begin a fresh increase. An initial resistance on the upside is near the $51,500 level. The very first significant resistance is near the $52,000 level.

A successful close above the $52,000 resistance level might open the doors for a bigger boost in the coming sessions. The next major resistance might be $53,200, followed by $54,500.

Technical signs:

Hourly MACD –– The MACD is now gaining momentum in the bullish zone.

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

Major Support Levels –– $50,500, followed by $50,000.

Significant Resistance Levels –– $51,500, $52,000 and $53,200.