Bitcoin value is making an attempt a contemporary enhance above the $52,000 resistance. BTC should clear the $52,800 resistance to proceed greater within the close to time period.
- Bitcoin value is gaining tempo above the $52,800 resistance zone.
- The value is buying and selling above $52,000 and the 100 hourly Simple shifting common.
- There was a break above a key bearish development line with resistance at $51,880 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may proceed to maneuver up if it clears the $52,800 resistance zone.
Bitcoin Price Eyes More Gains
Bitcoin value began a draw back correction from the $52,800 resistance zone. BTC corrected decrease beneath the $52,000 and $51,500 ranges. However, the bulls have been energetic above the $50,500 zone.
A low was fashioned close to $50,581 and the worth is now making an attempt a fresh increase. There was a transfer above the $51,200 and $51,500 resistance ranges. The value cleared the 50% Fib retracement degree of the downward transfer from the $52,843 swing excessive to the $50,581 low.
Besides, there was a break above a key bearish development line with resistance at $51,880 on the hourly chart of the BTC/USD pair. Bitcoin is now buying and selling above $52,000 and the 100 hourly Simple shifting common.
Source: BTCUSD on TradingView.com
Immediate resistance is close to the $52,300 degree. It is close to the 76.4% Fib retracement degree of the downward transfer from the $52,843 swing excessive to the $50,581 low. The subsequent key resistance might be $52,800, above which the worth may lengthen its rally. The subsequent cease for the bulls could maybe be $53,200. A transparent transfer above the $53,200 resistance may ship the worth towards the $54,000 resistance. The subsequent resistance might be close to the $55,000 degree.
Another Decline In BTC?
If Bitcoin fails to rise above the $52,300 resistance zone, it may begin one other draw back correction within the close to time period. Immediate assist on the draw back is close to the $51,850 degree and the development line.
The first main assist is $51,300. If there’s a shut beneath $51,300, the worth may achieve bearish momentum. In the said case, the worth may decline towards the $50,500 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 degree.
Major Support Levels – $51,850, adopted by $51,300.
Major Resistance Levels – $52,300, $52,800, and $54,000.
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