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Bitcoin value prolonged its enhance above the $52,000 resistance. BTC is consolidating features and may goal for extra upsides towards the $55,000 resistance.
- Bitcoin value 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 (information feed from Kraken).
- The pair may proceed to maneuver up if it clears the $52,500 resistance zone.
Bitcoin Worth Extends Rally
Bitcoin value began a gradual enhance 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 features. It’s holding features above the 23.6% Fib retracement degree of the latest 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 Simple moving average. Instant resistance is close to the $52,500 degree. The following key resistance might be $53,200, above which the worth may lengthen its rally.
Supply: BTCUSD on TradingView.com
The following cease for the bulls could maybe be $54,400. A transparent transfer above the $54,400 resistance may ship the worth towards the $55,000 resistance. The following resistance might be close to the $56,500 degree.
Draw back Correction In BTC?
If Bitcoin fails to rise above the $52,500 resistance zone, it may begin one other draw back correction within the close to time period. Instant assist on the draw back is close to the $51,500 degree and the primary pattern line.
The primary main assist is $50,500 and the 50% Fib retracement degree of the latest wave from the $48,240 swing low to the $52,493 excessive. If there’s a shut beneath $50,500, the worth may acquire bearish momentum. Within the acknowledged case, the worth may 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 degree.
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 symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your individual analysis earlier than making any funding choices. Use data offered on this web site fully at your individual danger.
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