Bitcoin worth spiked towards the $53,200 resistance. BTC is buying and selling in a serious vary and nonetheless holding good points above the $50,000 assist zone.
- Bitcoin worth is struggling to clear the $52,500 resistance zone.
- The worth is buying and selling beneath $52,400 and the 100 hourly Simple shifting common.
- There is a connecting bearish pattern line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might dip towards the $51,600 assist earlier than it makes an attempt a contemporary enhance.
Bitcoin Price Holds Ground
Bitcoin worth made one other try to realize power above the $52,200 resistance zone. BTC broke the $52,500 degree and even spiked above $52,800. However, the bears have been lively close to the $53,000 degree.
A brand new multi-week excessive was fashioned close to $52,991 and the value dived towards $50,500. A low was fashioned at $50,663 and the value is now making an attempt a contemporary enhance. There was a transfer above the $51,600 degree. The worth climbed above the 50% Fib retracement degree of the downward transfer from the $52,991 swing excessive to the $50,663 low.
Bitcoin is now buying and selling beneath $52,400 and the 100 hourly Simple moving average. There can be a connecting bearish pattern line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair.
Immediate resistance is close to the $52,200 degree. The subsequent key resistance could possibly be $52,400 or the pattern line or the 76.4% Fib retracement degree of the downward transfer from the $52,991 swing excessive to the $50,663 low, above which the value might rise towards the $52,800 resistance zone.
Source: BTCUSD on TradingView.com
The essential resistance is now close to the $53,000 degree. A transparent transfer above the $53,000 resistance might ship the value towards the $53,500 resistance. The subsequent resistance could possibly be close to the $54,200 degree.
Another Drop In BTC?
If Bitcoin fails to rise above the $52,400 resistance zone, it might begin one other decline within the close to time period. Immediate assist on the draw back is close to the $51,600 degree.
The first main assist is $51,200. If there’s a shut beneath $51,200, the value might acquire bearish momentum. In the acknowledged case, the value might decline towards the $50,500 assist zone, beneath which the value may flip bearish within the brief time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $51,600, adopted by $51,200.
Major Resistance Levels – $52,200, $52,400, and $52,800.
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