Where is bitcoin price headed after a hard drop? Here are the key levels

Bitcoin price started an upward correction above the $48K and $49K levels against the US Dollar. According to famous analyst Aayush Jindal, who has made successful predictions, bitcoin price is currently consolidating above $49,000, but major mania around $52,000 could occur.

  • Bitcoin price recovered well and even managed to break the $49K resistance.
  • The price is facing stiff resistance near $52,000 and the 100 hourly moving average. There was a break above a major bearish trend line with resistance near $49,500 on the hourly chart of the BTC/USD pair
  • (data feed by Kraken).
  • According to the analyst, the pair needs to clear the $52,000 resistance area to continue higher in the near term.

Successful Analyst: Bitcoin Price Must Break $52,000!

After a clear break above $48K, bitcoin price surged above $49K. BTC appears to be forming a strengthening base above $48,000 but still well below the 100 hourly moving average. The price is now trading well above the 23.6% Fib retracement level of the recent bearish wave from the $58,400 high to the $45,000 high.

Also, there was a break above a key bearish trend line with resistance near $49,500 on the hourly chart of the BTC/USD pair. Bitcoin price is currently consolidating above the $49,000 level. However, there are some key manias pending on the upside near the $51,500 and $52,000 levels. The downwave 50% Fib retracement level is also near the $51,600 level to act as the main resistance.

Here are the valuable levels bitcoin price could reach soon

The main resistance is still near the $52,000 level and the easy sliding, according to the analyst 100 hour average . A clear break above the $51,600 and $52,000 resistance levels is needed for more upsides in the near term. The next major resistance above $52,000 could be near $55,000.

If bitcoin price fails to surpass the $51,500 and $52,000 resistance levels, there might be another decline. The first reinforcement on the downside is near $49,500, according to the analyst. The first major pillar is currently forming near the $48,000 zone. If there is a clear break below the $48,000 reinforcements, the price could revisit the $45,000 support in the short term.

Bitcoin price latest view with technical indicators

Hourly MACD: The MACD for BTC/USD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index): The RSI for BTC/USD has climbed back above the 50 level.

Base Boost Tiers: $49,500 followed by $48,000.

Major resistance levels: $51,600, $52,000 and $55,000.

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