Bitcoin continues to trade above $50,000. According to technical analysis by NewsBTC’s Aayush Jindal, BTC is showing positive signals and it could see more gains above $52,000.
Bitcoin Gains Speed Again
Bitcoin managed to create a fresh high above the $50,000 level, where it seems to be forming a bottom. BTC is now trading well above $50,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $50,400 on the hourly chart of the BTC/USD pair.
An immediate upside resistance is near the $51,200 level. The next key resistance could be $51,500. A clear move above the $51,500 resistance zone could start a fresh increase. The next major stop for the bulls is likely near the $53,500 level.
Will Bitcoin Drop?
According to Jindal, if Bitcoin fails to break past the $51,200 resistance zone, it could start another downside correction. An immediate support on the downside is near the $50,200 level. The first major support is near $50,000. A downside break below the $50,000 level could push the price towards the $49,400 support. Any more losses could likely lead the price towards the $48,500 support zone.
What Do Technical Indicators Say?
- Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.
- Main Support Levels – 50.200 then $50,000
- Main Resistance Levels – $51,500, $52,000, and $53,500
