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Bitcoin worth prolonged its improve above the $52,000 resistance. BTC is consolidating good points and may 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 Simple transferring 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 might proceed to transfer up if it clears the $52,500 resistance zone.

Bitcoin Price 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 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 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 Simple moving average. Immediate resistance is close to the $52,500 stage. The subsequent key resistance might be $53,200, above which the worth might prolong its rally.

Source: BTCUSD on TradingView.com

The subsequent cease for the bulls could maybe be $54,400. A transparent transfer above the $54,400 resistance might ship the worth towards the $55,000 resistance. The subsequent resistance might be close to the $56,500 stage.

Downside Correction In BTC?

If Bitcoin fails to rise above the $52,500 resistance zone, it might begin one other draw back correction within the close to time period. Immediate assist on the draw back is close to the $51,500 stage and the primary development line.

The first main assist 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 beneath $50,500, the worth might achieve bearish momentum. In the said case, the worth might 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 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.

Disclaimer: The article is supplied for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your personal analysis earlier than making any funding choices. Use data supplied on this web site completely at your personal threat.