Will Bitcoin Bulls Be Able to Hit $55K Barrier This Week?

Bitcoin worth prolonged its improve above the $52,000 resistance. BTC is consolidating beneficial properties and would possibly intention 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 shifting common.
• There are two bullish pattern traces forming with assist 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 Worth Extends Rally

Bitcoin worth began a gentle improve 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 beneficial properties. It’s holding beneficial properties above the 23.6% Fib retracement stage of the current wave from the $48,240 swing low to the $52,493 excessive. There are additionally two bullish pattern traces forming with assist 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 shifting common. Quick resistance is close to the $52,500 stage. The subsequent key resistance could possibly be $53,200, above which the worth might lengthen 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 could possibly 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. Quick assist on the draw back is close to the $51,500 stage and the primary pattern line.

The primary main assist is $50,500 and the 50% Fib retracement stage of the current wave from the $48,240 swing low to the $52,493 excessive. If there’s a shut beneath $50,500, the worth might achieve bearish momentum. Within the said case, the worth might dive towards the $49,200 assist and the second pattern line.

Technical indicators:

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

Hourly RSI (Relative Energy 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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