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Bitcoin worth prolonged its improve above the $52,000 resistance. BTC is consolidating good points and may goal for extra upsides towards the $55,000 resistance.
Bitcoin worth remained in a bullish zone above the $51,000 and $51,200 ranges.
The value is buying and selling above $51,200 and the 100 hourly Easy transferring 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 power 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 good points. It’s holding good points 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 transferring common. Rapid resistance is close to the $52,500 stage. The subsequent key resistance may very well be $53,200, above which the worth might lengthen its rally.
Supply: BTCUSD on TradingView.com
The subsequent cease for the bulls might 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. Rapid 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 under $50,500, the worth might achieve bearish momentum. Within the acknowledged 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 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.
Disclaimer: The article is offered for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding choices. Use info offered on this web site fully at your individual threat.
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