Bitcoin Price Analysis: BTC Rallies Toward $53K, Eyes More Upsides
Bitcoin price started a strong increase above the $50,000 zone against the US Dollar.
The price is now trading above $50,500 and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support at $51,400 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
The pair could continue to rise if it stays above the $51,000 support zone.
Bitcoin price is showing positive signs above $50,000 against the US Dollar. BTC might correct lower, but dips could be limited below the $51,000 zone.
Bitcoin Price Analysis
Bitcoin price started a strong increase above the $48,500 resistance zone. The price remained stable above the $50,000 level and traded in a positive zone.
There was a clear move above the $51,200 level and the 55 simple moving average (4 hours). The price even rallied above the $52,000 resistance zone. However, the price seems to be struggling near the $53,000 zone. A high was formed near $52,890 and the price is now consolidating gains.
The price traded below $52,000 but it is still above the 23.6% Fib retracement level of the upward move from the $46,889 swing low to the $52,890 high.
Bitcoin is now trading above $51,200 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $52,500 level. The first major resistance is near the $53,000 level, above which the price could rise toward the $55,000 zone.
Any more gains might send the price toward the $56,500 zone. If there is no upside break, the price might start a downside correction below $51,500. There is also a key bullish trend line forming with support at $51,400 on the 4-hour chart of the BTC/USD pair.
The next key support is near the $50,000 level or the 50% Fib retracement level of the upward move from the $46,889 swing low to the $52,890 high. Any more losses might call for a move toward the $48,300 level.
Looking at the chart, Bitcoin price is trading above $50,000 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $51,000 support zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $51,500 and $50,000.
Key Resistance Levels – $52,500, $53,000, and $55,000.
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Filed under: Bitcoin - @ February 21, 2024 3:18 am