Bitcoin value continues to rise above the $52,000 resistance. BTC is consolidating beneficial properties and will goal the $55,000 resistance for additional beneficial properties.
- Bitcoin value stays within the bullish zone above $51,000 and $51,200.
- The worth is buying and selling above $51,200 and the 100 hourly easy shifting common.
- Two bullish pattern traces are forming with assist at $51,450 and $49,200 on the hourly chart of the BTC/USD pair (knowledge by way of Kraken).
- The pair is prone to proceed rising if it breaks the $52,500 resistance zone.
Bitcoin value continues to rise
Bitcoin value began a gradual rise above the $50,000 resistance zone. BTC is gaining energy above $50,500 and $51,200. It even broke the $52,000 resistance zone.
A brand new multi-week excessive was shaped close to $52,493 and the worth is now consolidating beneficial properties. Its beneficial properties stayed above the 23.6% Fib retracement stage of the current swing from the $48,240 low to $52,493 excessive. There are additionally two bullish pattern traces forming on the hourly chart of the BTC/USD pair with assist at $51,450 and $49,200.
Bitcoin is at the moment buying and selling above $51,200 and the 100 hourly easy shifting common. Instant resistance lies close to $52,500. The subsequent key resistance stage might be $53,200, above which the worth may prolong its beneficial properties.
Supply: BTCUSD on TradingView.com
The subsequent cease for the bulls might be $54,400. A transparent break above the $54,400 resistance could push the worth in direction of the $55,000 resistance. The subsequent stage of resistance is prone to be close to $56,500.
Bitcoin’s draw back correction?
If Bitcoin fails to interrupt above the $52,500 resistance, it might begin one other draw back correction within the close to time period. Instant assist on the draw back is positioned close to the $51,500 stage and the primary pattern line.
First main assist is $50,500 and the 50% Fib retracement stage of the current swing from the $48,240 low to $52,493 excessive. If there’s a shut beneath $50,500, the worth could achieve bearish momentum. Within the above situation, the worth may fall in direction of the $49,200 assist and the second pattern line.
Technical indicators:
Hourly MACD – The MACD is at the moment accelerating within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is at the moment above the 50 stage.
The primary assist stage – $51,500, adopted by $50,500.
The primary resistance ranges – $52,500, $53,200 and $54,400.
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