Bitcoin price holds gains above the USD 52,000 resistance. BTC is consolidating gains and could aim for more gains towards the USD 55,000 resistance.
- Bitcoin price is showing positive signs below the USD 52,800 resistance zone.
- The price is trading above USD 51,500 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $51,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks the $52,800 resistance zone.
Bitcoin price has more advantages
Bitcoin price quickly rose above the USD 51,200 resistance zone. BTC has even broken the USD 52,000 resistance zone. A new multi-week high was formed near $52,843 and the price is now consolidating gains.
There was a small decline below the $52,000 level. The price fell 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 USD 51,200 support zone.
Bitcoin is now trading above $51,500 and the 100 hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $51,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The immediate resistance is near the $52,500 level. The next major resistance could be at USD 52,800, above which the price could continue its rally. The next stop for the bulls could be as high as $53,200. A clear move above the USD 53,200 resistance could send the price towards the USD 54,000 resistance. The next resistance could be near the USD 55,000 level.
Are dips supported in BTC?
If Bitcoin fails to rise above the USD 52,800 resistance zone, it could start another downside correction in the near term. The immediate downside support is near the $51,500 level and the trendline.
The first major support is at $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 said case, the price could dive towards the $48,500 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 51,500, followed by USD 50,500.
Major resistance levels – $52,500, $52,800 and $54,000.
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