Bitcoin value is holding positive factors above the $52,000 resistance. BTC is consolidating positive factors and would possibly goal for extra upsides towards the $55,000 resistance.
- Bitcoin value is exhibiting optimistic indicators beneath the $52,800 resistance zone.
- The value is buying and selling above $51,500 and the 100 hourly Simple transferring common.
- There is a connecting bullish pattern line forming with assist at $51,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might proceed to maneuver up if it clears the $52,800 resistance zone.
Bitcoin Price Eyes More Upsides
Bitcoin value gained tempo above the $51,200 resistance zone. BTC even broke the $52,000 resistance zone. A brand new multi-week excessive was shaped close to $52,843 and the value is now consolidating positive factors.
There was a minor decline beneath the $52,000 stage. The value dipped beneath the 23.6% Fib retracement stage of the upward transfer from the $48,240 swing low to the $52,843 excessive. However, the bulls had been energetic above the $51,200 assist zone.
Bitcoin is now buying and selling above $51,500 and the 100 hourly Simple moving average. There can also be a connecting bullish pattern line forming with assist at $51,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
Immediate resistance is close to the $52,500 stage. The subsequent key resistance might be $52,800, above which the value might lengthen its rally. The subsequent cease for the bulls might maybe be $53,200. A transparent transfer above the $53,200 resistance might ship the value towards the $54,000 resistance. The subsequent resistance might be close to the $55,000 stage.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $52,800 resistance zone, it might begin one other draw back correction within the close to time period. Immediate assist on the draw back is close to the $51,500 stage and the pattern line.
The first main assist is $50,550 and the 50% Fib retracement stage of the upward transfer from the $48,240 swing low to the $52,843 excessive. If there’s a shut beneath $50,500, the value might acquire bearish momentum. In the said case, the value might dive towards the $48,500 assist zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $51,500, adopted by $50,500.
Major Resistance Levels – $52,500, $52,800, and $54,000.
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