Bitcoin worth prolonged its enhance above the $52,000 resistance. BTC is consolidating positive aspects and would possibly purpose 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 transferring common.
There are two bullish pattern strains forming with help at $51,450 and $49,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair might proceed to maneuver up if it clears the $52,500 resistance zone.
Bitcoin Value Extends Rally
Bitcoin worth began a gentle enhance above the $50,000 resistance zone. BTC gained energy 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 positive aspects. It’s holding positive aspects 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 pattern strains forming with help 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 transferring common. Speedy resistance is close to the $52,500 stage. The subsequent key resistance may very well be $53,200, above which the worth might prolong its rally.
Supply: 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 may very well be close to the $56,500 stage.
Draw back 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. Speedy help on the draw back is close to the $51,500 stage and the primary pattern line.
The primary main help 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 under $50,500, the worth might acquire bearish momentum. Within the said case, the worth might dive towards the $49,200 help and the second pattern line.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Power 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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