Bitcoin price extended its rise above the USD 52,000 resistance. BTC is consolidating gains and could aim for more gains towards the USD 55,000 resistance.
- Bitcoin price remained in a bullish zone above the USD 51,000 and USD 51,200 levels.
- The price is trading above USD 51,200 and the 100 hourly Simple Moving Average.
- Two bullish trendlines are forming with support at $51,450 and $49,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks the $52,500 resistance zone.
Bitcoin Price Extends Rally
Bitcoin price started a steady rise above the USD 50,000 resistance zone. BTC gained strength above the USD 50,500 and USD 51,200 levels. It even peaked above the USD 52,000 resistance zone.
A new multi-week high was formed near $52,493 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. Two bullish trendlines are also forming with support at $51,450 and $49,200 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $51,200 and the 100 hourly Simple Moving Average. The immediate resistance is near the $52,500 level. The next major resistance could be at USD 53,200, above which the price could continue its rally.
Source: BTCUSD on TradingView.com
The next stop for the bulls could perhaps be $54,400. A clear move above the USD 54,400 resistance could send the price towards the USD 55,000 resistance. The next resistance could be near the $56,500 level.
Downward correction in BTC?
If Bitcoin fails to rise above the USD 52,500 resistance zone, it could start another downside correction in the near term. The immediate downside support is near the $51,500 level and the first trendline.
The first major support is $50,500 and the 50% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. If there is a close below $50,500, the price could gain bearish momentum. In the mentioned case, the price could dive towards the $49,200 support and the second trendline.
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, $53,200 and $54,400.
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