Indicators Show Signs of More Upsides

Bitcoin worth is holding beneficial properties above the $52,000 resistance. BTC is consolidating beneficial properties and would possibly goal for extra upsides towards the $55,000 resistance.

• Bitcoin worth is displaying constructive indicators beneath the $52,800 resistance zone.
• The worth is buying and selling above $51,500 and the 100 hourly Easy transferring common.
• There’s a connecting bullish pattern line forming with help at $51,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might proceed to maneuver up if it clears the $52,800 resistance zone.

Bitcoin Worth Eyes Extra 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 worth is now consolidating beneficial properties.

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

Bitcoin is now buying and selling above $51,500 and the 100 hourly Easy transferring common. There may be additionally a connecting bullish pattern line forming with help at $51,500 on the hourly chart of the BTC/USD pair.

Supply: BTCUSD on TradingView.com

Quick resistance is close to the $52,500 stage. The following key resistance might be $52,800, above which the worth might prolong its rally. The following cease for the bulls might maybe be $53,200. A transparent transfer above the $53,200 resistance might ship the worth towards the $54,000 resistance. The following resistance might be close to the $55,000 stage.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $52,800 resistance zone, it might begin one other draw back correction within the close to time period. Quick help on the draw back is close to the $51,500 stage and the pattern line.

The primary main help is $50,550 and the 50% Fib retracement stage of the upward transfer from the $48,240 swing low to the $52,843 excessive. If there’s a shut beneath $50,500, the worth might achieve bearish momentum. Within the acknowledged case, the worth might dive towards the $48,500 help zone.

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, $52,800, and $54,000.

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