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  • Bitcoin Price Breaks $52K, Why Rally Isn’t Over Yet

    Bitcoin Price Breaks $52K, Why Rally Isn’t Over Yet

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    Bitcoin price broke the key $52,000 resistance zone against the US Dollar. BTC remains supported and it could continue to climb higher towards $55,000.

    • Bitcoin started a fresh increase above the $51,500 and $52,000 resistance levels.
    • The price is now trading above $52,000 and the 100 hourly simple moving average.
    • There is a key bullish trend line forming with support near $52,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could dips a few points, but it might find support near $52,250 and $52,000.

    Bitcoin Price Extends Gains

    Bitcoin price consolidated above the $51,000 zone for some time before starting a fresh increase. BTC broke the key $52,000 resistance zone and the 100 hourly simple moving average to move further into a positive zone.

    The price even broke the $52,500 resistance and traded as high as $52,800. It is now trading well above $52,000 and the 100 hourly simple moving average. An immediate support is near the $52,400 level. It is near the 23.6% Fib retracement level of the recent increase from the $51,183 swing low to $52,800 high.

    The next support could be near the $52,250 level. There is also a key bullish trend line forming with support near $52,250 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    The main support is now forming near the $52,000 level. It is close to the 50% Fib retracement level of the recent increase from the $51,183 swing low to $52,800 high. If there is a downside break below the $52,000 support zone, the price could extend its decline. In the stated case, the price could test the $50,850 support or the 100 hourly SMA.

    More Upsides In BTC?

    If bitcoin stays above the $52,000 support zone and the trend line, it could rise further. An immediate resistance on the upside is near the $52,650 level.

    The first major resistance is near the $52,800 level. A close above the $52,800 level could pump the price further in the near term. The next major hurdle for the bulls could be near the $53,500 zone. Any more gains could lead the price towards the $54,200 level.

    Technical indicators:

    Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 60 level.

    Major Support Levels – $52,250, followed by $52,000.

    Major Resistance Levels – $56,650, $52,800 and $53,500.

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  • TA: Ethereum Gearing For Another Lift-Off to $2.8K: Rally Isn’t Over Yet

    TA: Ethereum Gearing For Another Lift-Off to $2.8K: Rally Isn’t Over Yet

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    Ethereum is showing positive signs above $2,500 against the US Dollar. ETH price is likely to accelerate higher above $2,650 and it could revisit $2,800.

    • Ethereum started a steady increase above the $2,500 resistance and $2,550.
    • The price is now trading well above $2,500 and the 100 hourly simple moving average.
    • There was a break above a major bearish trend line with resistance near $2,480 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair is likely to climb further higher above $2,650 and $2,700 in the near term.

    Ethereum Price Gains Bullish Momentum

    Ethereum formed a base above the $2,350 level and started a fresh increase. ETH broke the $2,450 resistance zone to move into a bullish zone.

    There was a break above a major bearish trend line with resistance near $2,480 on the hourly chart of ETH/USD. The pair even settled nicely above the $2,500 level and the 100 hourly simple moving average. The pair climbed above the $2,550 resistance level.

    Ether is now trading well above the 76.4% Fib retracement level of the of the key decline from the $2,626 high to $2,260 swing low. An immediate resistance is near the $2,626 high. A clear upside break above the $2,626 high could set the pace for a larger increase in the coming sessions.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    The next key resistance is near the $2,715 level. It is near the 1.226 Fib extension level the of the key decline from the $2,626 high to $2,260 swing low. Any more gains above $2,720 could open the doors for a larger increase. The next major barrier for the bulls is near the $2,800 level.

    Downsides Limited in ETH?

    If Ethereum fails to clear the $2,620 and $2,650 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,580 level.

    The first major support is near the $2,550 level. Any more losses could possibly call for a test of the $2,500 support and the 100 hourly SMA in the coming sessions. A downside break below the 100 hourly SMA could push ether price towards the $2,450 support zone.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.

    Major Support Level – $2,500

    Major Resistance Level – $2,650

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