Bitcoin price extended its rally above the $51,000 level and it even broke $52,000 against the US Dollar. BTC traded to a new all-time high near $52,745 and it is consolidating gains.

There were mostly bullish moves in bitcoin price above the $50,000 resistance. BTC extended its rally above the $51,000 and $51,500 resistance levels.

During the increase, there was a break above a key contracting triangle with resistance near $51,200 on the hourly chart of the BTC/USD pair. It opened the doors for more gains above $52,000 (as discussed yesterday).

The price traded to a new all-time high near $52,745 before starting a downside correction. It is trading near $52,000 and it is well above the 100 hourly simple moving average. There was a break below the 23.6% Fib retracement level of the recent increase from the $50,773 swing low to $52,744 high.

There is also another short-term contracting triangle with resistance near $52,250 on the same chart. If bitcoin price remains stable, there are chances of a fresh increase above the $52,250 and $52,500 levels.

The next major resistance is near the $52,744 high, above which the bulls could aim a break above the $53,000 and $53,200 levels in the near term.

If bitcoin fails to clear the triangle resistance, it could correct lower below $52,000. The next support is near the $51,750 level. It is close to the 50% Fib retracement level of the recent increase from the $50,773 swing low to $52,744 high.

The main support is now forming near the $51,500 level, where the bulls are likely to take a stand. Any more losses might lead the price towards the $50,500 support level.

Technical indicators:

Hourly MACD – The MACD is losing momentum in the bullish zone.

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

Major Support Levels – $51,500, followed by $50,500.

Major Resistance Levels – $52,250, $52,750 and $53,000.

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