Bitcoin Spikes Higher, Why Bulls Could Aim Larger Increase To $52K

 2021-12-16 15:15:00

Bitcoin started a decent increase from the $46,500 to $49,000 levels yesterday afternoon. The pair could accelerate higher if there is a close above the $50,000 resistance zone.Bitcoin price started a recovery wave above the $47,500 resistance zone. BTC bulls gained strength for a move above the $48,000 resistance zone.

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From the hourly chart above, Bitcoin price is now trading above $48,500 and the 100 hourly simple moving average. It is testing the $49,250 resistance zone. The first major resistance is near the $49,500 level. The next key resistance could be $50,000. A proper break above the $50,000 resistance could open the doors for more upsides. The next key resistance is near the $51,200 level, above which the price may possibly rise towards $52,000.

If bitcoin fails to clear the $49,250 resistance zone, it could start a downside correction. An immediate support on the downside is near the $48,250 level and the 100 hourly SMA.

The first major support is now forming near the $48,000 level. The main support is now near $47,500. A downside break below the $47,500 support may perhaps start a fresh decline in the near term. In the stated case, it could decline towards the $45,000 support zone.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is currently above the 50 level.

Major Support Levels – $48,250, followed by $47,500.

Major Resistance Levels – $49,250, $50,000 and $52,000.

 

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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