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Bitcoin worth spiked towards the $53,200 resistance. BTC is buying and selling in a significant vary and nonetheless holding good points above the $50,000 assist zone.

• Bitcoin worth is struggling to clear the $52,500 resistance zone.
• The worth is buying and selling beneath $52,400 and the 100 hourly Simple shifting common.
• There is a connecting bearish development line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may dip towards the $51,600 assist earlier than it makes an attempt a contemporary enhance.

Bitcoin Price Holds Ground

Bitcoin worth made one other try to realize energy above the $52,200 resistance zone. BTC broke the $52,500 stage and even spiked above $52,800. However, the bears had been energetic close to the $53,000 stage.

A brand new multi-week excessive was fashioned close to $52,991 and the value dived towards $50,500. A low was fashioned at $50,663 and the value is now making an attempt a contemporary enhance. There was a transfer above the $51,600 stage. The worth climbed above the 50% Fib retracement stage of the downward transfer from the $52,991 swing excessive to the $50,663 low.

Bitcoin is now buying and selling beneath $52,400 and the 100 hourly Simple moving average. There can be a connecting bearish development line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair.

Immediate resistance is close to the $52,200 stage. The subsequent key resistance could possibly be $52,400 or the development line or the 76.4% Fib retracement stage of the downward transfer from the $52,991 swing excessive to the $50,663 low, above which the value may rise towards the $52,800 resistance zone.

Source: BTCUSD on TradingView.com

The primary resistance is now close to the $53,000 stage. A transparent transfer above the $53,000 resistance may ship the value towards the $53,500 resistance. The subsequent resistance could possibly be close to the $54,200 stage.

Another Drop In BTC?

If Bitcoin fails to rise above the $52,400 resistance zone, it may begin one other decline within the close to time period. Immediate assist on the draw back is close to the $51,600 stage.

The first main assist is $51,200. If there’s a shut beneath $51,200, the value may acquire bearish momentum. In the said case, the value may decline towards the $50,500 assist zone, beneath which the value may flip bearish within the brief time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.

Major Support Levels – $51,600, adopted by $51,200.

Major Resistance Levels – $52,200, $52,400, and $52,800.

Disclaimer: The article is offered for instructional functions solely. It doesn’t symbolize 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 info offered on this web site completely at your personal threat.