Bitcoin price is showing positive signs below the $52,800 resistance zone. It is currently trading above $51,500 and the 100 hourly Simple moving average. Additionally, there is a connecting bullish trend line forming with support at $51,500 on the hourly chart of the BTC/USD pair. These indicators suggest that Bitcoin could continue to move up if it clears the $52,800 resistance zone.
Bitcoin price gained momentum above the $51,200 resistance zone and even broke the $52,000 resistance zone. As a result, a new multi-week high was formed near $52,843. Despite a minor decline below the $52,000 level, the bulls managed to keep the price above the $51,200 support zone. This consolidation phase is crucial in determining Bitcoin’s next move.
Immediate resistance for Bitcoin is near the $52,500 level, followed by the key resistance level at $52,800. If the price manages to break above this resistance zone, it could extend its rally towards the next stop at $53,200. A clear move beyond $53,200 would signal a potential surge towards the $54,000 resistance. Ultimately, the next significant resistance level lies near $55,000.
On the downside, immediate support is observed near the $51,500 level, along with the connecting bullish trend line. The first major support is at $50,550, which coincides with the 50% Fib retracement level of the upward move from the $48,240 swing low to the $52,843 high. If Bitcoin’s price breaks below $50,500, it may gain bearish momentum and possibly dive towards the $48,500 support zone.
The hourly MACD (Moving Average Convergence Divergence) shows that the MACD is gaining pace in the bullish zone, indicating a positive momentum for Bitcoin’s price. The hourly RSI (Relative Strength Index) is now above the 50 level, further supporting the bullish case.
It is important to note that the opinions expressed in this article are for educational purposes only and do not represent the views of NewsBTC. Investing in Bitcoin and other cryptocurrencies carries risks, and it is advised to conduct thorough research before making any investment decisions. Readers should use the information provided on this website entirely at their own risk.
Bitcoin’s price is currently consolidating gains above the $52,000 resistance level. The presence of positive signs, along with the formation of a multi-week high, suggests a potential for further upsides. However, investors should be aware of the resistance levels to watch and the support levels that could trigger a downside correction. As always, it is important to exercise caution and conduct thorough research before engaging in any investment activities.
Leave a Reply