Bitcoin worth prolonged its improve above the $52,000 resistance. BTC is consolidating beneficial properties and would possibly intention 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 Easy shifting common.
There are two bullish development traces forming with assist at $51,450 and $49,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair may proceed to maneuver up if it clears the $52,500 resistance zone.
Bitcoin Value Extends Rally
Bitcoin worth began a gradual improve above the $50,000 resistance zone. BTC gained power above the $50,500 and $51,200 ranges. It even spiked above the $52,000 resistance zone.
A brand new multi-week excessive was fashioned close to $52,493 and the worth is now consolidating beneficial properties. It’s holding beneficial properties above the 23.6% Fib retracement stage of the latest wave from the $48,240 swing low to the $52,493 excessive. There are additionally two bullish development traces forming with assist 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 Easy shifting common. Instant resistance is close to the $52,500 stage. The subsequent key resistance could possibly be $53,200, above which the worth may prolong its rally.
Supply: 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 could possibly be close to the $56,500 stage.
Draw back 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. Instant assist on the draw back is close to the $51,500 stage and the primary development line.
The primary main assist is $50,500 and the 50% Fib retracement stage of the latest wave from the $48,240 swing low to the $52,493 excessive. If there’s a shut beneath $50,500, the worth may acquire bearish momentum. Within the said case, the worth may dive towards the $49,200 assist and the second development line.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 stage.
Main Assist Ranges – $51,500, adopted by $50,500.
Main Resistance Ranges – $52,500, $53,200, and $54,400.
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