Bitcoin worth prolonged its improve above the $52,000 resistance. BTC is consolidating good points and may goal for extra upsides towards the $55,000 resistance.
- Bitcoin worth remained in a bullish zone above the $51,000 and $51,200 ranges.
- The worth is buying and selling above $51,200 and the 100 hourly Simple transferring common.
- There are two bullish development traces forming with help at $51,450 and $49,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may proceed to transfer up if it clears the $52,500 resistance zone.
Bitcoin Price Extends Rally
Bitcoin worth began a gentle improve above the $50,000 resistance zone. BTC gained energy above the $50,500 and $51,200 ranges. It even spiked above the $52,000 resistance zone.
A brand new multi-week excessive was shaped close to $52,493 and the worth is now consolidating good points. It is holding good points above the 23.6% Fib retracement stage of the current wave from the $48,240 swing low to the $52,493 excessive. There are additionally two bullish development traces forming with help at $51,450 and $49,200 on the hourly chart of the BTC/USD pair.
Bitcoin is now buying and selling above $51,200 and the 100 hourly Simple moving average. Immediate resistance is close to the $52,500 stage. The subsequent key resistance may very well be $53,200, above which the worth may lengthen its rally.
Source: BTCUSD on TradingView.com
The subsequent cease for the bulls might maybe be $54,400. A transparent transfer above the $54,400 resistance may ship the worth towards the $55,000 resistance. The subsequent resistance may very well be close to the $56,500 stage.
Downside Correction In BTC?
If Bitcoin fails to rise above the $52,500 resistance zone, it may begin one other draw back correction within the close to time period. Immediate help on the draw back is close to the $51,500 stage and the primary development line.
The first main help is $50,500 and the 50% Fib retracement stage of the current wave from the $48,240 swing low to the $52,493 excessive. If there’s a shut under $50,500, the worth may acquire bearish momentum. In the said case, the worth may dive towards the $49,200 help and the second development line.
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, $53,200, and $54,400.
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