TA: Bitcoin Holds Support, Indicators Suggest Fresh Increase to $52K
December 08 2021 - 10:08PM
NEWSBTC
Bitcoin remained well bid above the $49,000 support against the US
Dollar. BTC could start a fresh increase if it clears the $50,800
resistance zone. Bitcoin is showing a few positive signs above the
$49,000 support zone. The price is now trading above $49,500 and
the 100 hourly simple moving average. There is a key bearish trend
line forming with resistance near $50,500 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair could start a
fresh increase if it is above the $49,000 level. Bitcoin Price Aims
Fresh Increase Bitcoin price corrected below the $50,000 support
level from the $52,000 resistance zone. BTC broke the $49,500
support level, but the bulls were active above the $49,000 level.
The last swing high was formed near $51,955 before there was a
downside correction. The price traded below the 50% Fib retracement
level of the recent increase from the $47,210 swing low to $51,955
high. Bitcoin price also spiked below the $49,500 support and the
100 hourly simple moving average. However, it was stable near the
$49,000 level. The 61.8% Fib retracement level of the recent
increase from the $47,210 swing low to $51,955 high also acted as a
support. The price is now trading above $49,500 and the 100 hourly
simple moving average. An immediate resistance on the upside is
near the $50,400 level. The next major resistance is near the
$50,500 level. There is also a key bearish trend line forming with
resistance near $50,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com A clear break above the $50,500
resistance zone could open the doors for more upsides. The next key
resistance is near the $52,000 level, above which the price may
possibly start a major increase. More Losses In BTC? If bitcoin
fails to clear the $50,500 resistance zone, it could continue to
move down. An immediate support on the downside is near the $50,000
level and the 100 hourly SMA. The first major support is now
forming near the $49,000 level. A downside break below the $49,000
support may perhaps increase selling pressure. The next stop for
the bears might be $47,200. Technical indicators: Hourly MACD – The
MACD is slowly losing pace in the bearish zone. Hourly RSI
(Relative Strength Index) – The RSI for BTC/USD is currently near
the 50 level. Major Support Levels – $50,000, followed by $49,000.
Major Resistance Levels – $50,500, $52,000 and $53,500.
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024