Indicators Show Signs of More Upsides
Bitcoin price is holding gains above the $52,000 resistance. BTC is consolidating gains and might aim for more upsides toward the $55,000 resistance.
- Bitcoin price is showing positive signs below the $52,800 resistance zone.
- The price is trading above $51,500 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $51,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move up if it clears the $52,800 resistance zone.
Bitcoin Price Eyes More Upsides
Bitcoin price gained pace above the $51,200 resistance zone. BTC even broke the $52,000 resistance zone. A new multi-week high was formed near $52,843 and the price is now consolidating gains.
There was a minor decline below the $52,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $48,240 swing low to the $52,843 high. However, the bulls were active above the $51,200 support zone.
Bitcoin is now trading above $51,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $51,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
Immediate resistance is near the $52,500 level. The next key resistance could be $52,800, above which the price could extend its rally. The next stop for the bulls may perhaps be $53,200. A clear move above the $53,200 resistance could send the price toward the $54,000 resistance. The next resistance could be near the $55,000 level.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $52,800 resistance zone, it could start another downside correction in the near term. Immediate support on the downside is near the $51,500 level and the trend line.
The first major support is $50,550 and the 50% Fib retracement level of the upward move from the $48,240 swing low to the $52,843 high. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $48,500 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $51,500, followed by $50,500.
Major Resistance Levels – $52,500, $52,800, and $54,000.
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