Bitcoin price started a strong rise above the $42,000 resistance against the US Dollar. According to successful trader Aayush Jindal, Bitcoin price rose to an all-time high around $47,500 and remains supported for more profits.
- Bitcoin price started a strong increase above the $40,000 and $42,000 resistance levels.
- The price is currently well above $45,000 and the 100 hourly easy moving average. There was a break above a bullish continuation pattern with resistance near $43,500 on the hourly chart of the BTC/USD pair
- (information feed from Kraken).
- According to the analyst, it is possible for the pair to continue higher towards the $48,000 and $50,000 levels in the near term.
Analyst: Bitcoin price may continue to rise real to $50,000
Following the report highlighting Tesla’s holding of Bitcoin, Bitcoin price is $42,000 It started a strong increase above the resistance. BTC has rallied over 20% and overcame many hurdles on the rise. There was a minor consolidation after reaching $44,500. Finally, there was a break above a bullish continuation pattern with resistance near $43,500 on the hourly chart of the BTC/USD pair. The pair rallied even higher above the $45,000 and $46,000 levels.
Price rallied to a new all-time high near $47,513 before starting a downside correction. Later, there was a break below the $46,500 level. Bitcoin settled below the 23.6% Fib retracement level from the $42,528 high to $47,513 high. Currently, BTC is sitting well above $45,000 and the 100 hourly easy moving average.
Here are the levels that Bitcoin can test soon
The next key pillar is close to the $45,000 level, according to the analyst. This level is close to the 50% Fib retracement level of the last rally. On the upside, a break above the $47,500 zone could open the doors for more profits. The next target may be $48,500, but bulls may aim to test the $50,000 level in the near term.
If the bitcoin price fails to continue higher, it can correct its correct fall to $45,500 and $45,000, according to the analyst. The next major support is near the $44,250 level (the last breakout zone). More losses below the $45,000 and $44,250 reinforcement levels could trigger a downside move. In the stated case, the price could fall right down to the $42,000 reinforcements, according to the analyst.
Current view of Bitcoin price with technical indicators
Hourly MACD: The MACD for BTC/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is still in the very overbought zone.
Base Boost Levels: $45,000 , followed by $44,250 .
Major Levels of Resistance: $47,500 , $48,000 and $50,000 .
Here are the successful predictions of Aayush Jindal
Kriptokoin.com , as we previously reported, successful analyst Aayush Jindal, Bitcoin, Ethereum, Ripple , Chanlink and many altcoins are a name that has successfully done technical analysis. Aayush Jindal has a history of successfully setting critical levels for many cryptocurrencies. The master analyst also predicted the fall of BTC up to $ 28,500 a short time ago.