Bitcoin price gained bullish momentum and broke the $50k resistance against the US Dollar. According to veteran analyst Aayush Jindal, bitcoin price keeps rising and it looks like it could rally even higher to the $52,000 level.
- Bitcoin price broke the $50,000 resistance and surged to an all time high near $50,600 .
- The price is trading around $49,500 , well above the 100-hour simple moving average. There was a break above a key contract triangle with resistance near $49,500 on the hourly chart of the BTC/USD pair
- (data feed by Kraken).
- According to the analyst, while above the $48,000 support, the pair is likely to continue higher to $52,000.
Master Analyst: Bitcoin price will continue to rise to $52,000 in real terms
Finally, bitcoin price managed to break above the $50,000 resistance zone . As Kriptokoin.com previously reported, BTC has surged above the $50,200 and $50,500 levels. The all-time high was formed at $50,600 before correcting lower. Later, there was a sharp correction below the $50,000 level. The price even fell below the base line of $49,000. However, the bulls have been active near the $48,000 zone and the 100 hourly moving average. A low was formed at $47,819 and the price is currently correcting higher. Bitcoin is trading above the 50% Fib retracement level of the real downside correction from the $50,600 high to the $47,819 high. The hourly chart of the BTC/USD pair also saw a break above a key contract triangle with resistance near $49,500.
Here are the levels bitcoin price may see in the coming sessions
Bitcoin price is trading around $49,500 and is well above 100 hours -Average of light movement. BTC is testing the 76.4% Fib retracement level of truth correction down from the $50,600 high to the $47,819 high. According to the analyst, it seems possible for the price to move further towards the $50,600 high. Further gains could propel the price above the $51,000 level, according to the analyst. The next key resistance is at the $52,000 level.
If bitcoin price fails to scale above the $50,000 and $50,200 levels, it could be a downside correction, according to the analyst. The initial anchor is near the $49,500 level and the broken triangle trend line. A downside break below the $49,500 level could really lead the price towards the $48,000 support. The 100 hourly easy moving average also stands around $48,000 to gain a foothold, according to the analyst.
Bitcoin price latest view with technical indicators
Hourly MACD: The MACD for BTC/USD is gaining momentum in the upside zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently well above the 50 level. $49,500 followed by $49,000.
Major resistance levels: $50,500, $51,000 and $52,000.