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Bitcoin worth is holding good points above the $52,000 resistance. BTC is consolidating good points and may intention for extra upsides towards the $55,000 resistance.

• Bitcoin worth is displaying optimistic indicators beneath the $52,800 resistance zone.
• The worth is buying and selling above $51,500 and the 100 hourly Simple shifting common.
• There is a connecting bullish pattern line forming with assist 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 Price Eyes More 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 value is now consolidating good points.

There was a minor decline beneath the $52,000 degree. The worth dipped beneath the 23.6% Fib retracement degree of the upward transfer from the $48,240 swing low to the $52,843 excessive. However, the bulls had been energetic above the $51,200 assist zone.

Bitcoin is now buying and selling above $51,500 and the 100 hourly Simple moving average. There can also be a connecting bullish pattern line forming with assist at $51,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Immediate resistance is close to the $52,500 degree. The subsequent key resistance could possibly be $52,800, above which the value may prolong its rally. The subsequent cease for the bulls could maybe be $53,200. A transparent transfer above the $53,200 resistance may ship the value towards the $54,000 resistance. The subsequent resistance could possibly 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. Immediate assist on the draw back is close to the $51,500 degree and the pattern line.

The first main assist 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 beneath $50,500, the value may acquire bearish momentum. In the said case, the value may dive towards the $48,500 assist zone.

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 degree.

Major Support Levels – $51,500, adopted by $50,500.

Major Resistance Levels – $52,500, $52,800, and $54,000.

Disclaimer: The article is supplied for instructional functions solely. It doesn’t signify 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 individual analysis earlier than making any funding choices. Use info supplied on this web site totally at your individual danger.