Indicators Show Signs of More Upsides

Bitcoin value is holding positive factors above the $52,000 resistance. BTC is consolidating positive factors and may purpose for extra upsides towards the $55,000 resistance.

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

Bitcoin Worth Eyes Extra Upsides

Bitcoin value 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 positive factors.

There was a minor decline beneath the $52,000 degree. The value dipped beneath the 23.6% Fib retracement degree of the upward transfer from the $48,240 swing low to the $52,843 excessive. Nevertheless, the bulls have been lively above the $51,200 assist zone.

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

Supply: BTCUSD on TradingView.com

Fast resistance is close to the $52,500 degree. The following key resistance may very well be $52,800, above which the worth may lengthen its rally. The following cease for the bulls might maybe be $53,200. A transparent transfer above the $53,200 resistance may ship the worth towards the $54,000 resistance. The following resistance may very well be close to the $55,000 degree.

Are Dips Supported In BTC?

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

The primary main assist is $50,550 and the 50% Fib retracement degree 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 may acquire bearish momentum. Within the said case, the worth may dive towards the $48,500 assist 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 degree.

Main Help Ranges – $51,500, adopted by $50,500.

Main Resistance Ranges – $52,500, $52,800, and $54,000.

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