Bitcoin worth is holding positive factors above the $52,000 resistance. BTC is consolidating positive factors and may purpose for extra upsides towards the $55,000 resistance.
Bitcoin worth is exhibiting optimistic indicators under the $52,800 resistance zone.
The worth is buying and selling above $51,500 and the 100 hourly Easy transferring common.
There’s a connecting bullish pattern line forming with help at $51,500 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 Value Eyes Extra Upsides
Bitcoin worth gained tempo above the $51,200 resistance zone. BTC even broke the $52,000 resistance zone. A brand new multi-week excessive was fashioned close to $52,843 and the worth is now consolidating positive factors.
There was a minor decline under the $52,000 degree. The worth dipped under the 23.6% Fib retracement degree of the upward transfer from the $48,240 swing low to the $52,843 excessive. Nevertheless, the bulls had been energetic above the $51,200 help zone.
Bitcoin is now buying and selling above $51,500 and the 100 hourly Easy transferring common. There’s additionally a connecting bullish pattern line forming with help at $51,500 on the hourly chart of the BTC/USD pair.
Supply: BTCUSD on TradingView.com
Instant resistance is close to the $52,500 degree. The subsequent key resistance may very well be $52,800, above which the worth may prolong its rally. The subsequent cease for the bulls might maybe be $53,200. A transparent transfer above the $53,200 resistance may ship the worth towards the $54,000 resistance. The subsequent resistance may very well be close to the $55,000 degree.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $52,800 resistance zone, it may begin one other draw back correction within the close to time period. Instant help on the draw back is close to the $51,500 degree and the pattern line.
The primary main help is $50,550 and the 50% Fib retracement degree of the upward transfer from the $48,240 swing low to the $52,843 excessive. If there’s a shut under $50,500, the worth may achieve bearish momentum. Within the acknowledged case, the worth may dive towards the $48,500 help zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 degree.
Main Assist Ranges – $51,500, adopted by $50,500.
Main Resistance Ranges – $52,500, $52,800, and $54,000.
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