Bitcoin selling price prolonged its increase earlier mentioned the $55,000 resistance in opposition to the US Greenback. BTC is correcting decrease from $55,800 and it could uncover bids in close proximity to the $52,500 zone.
- Bitcoin climbed even more above the $54,500 and $55,000 resistance concentrations.
- The selling price is now buying and selling very well previously mentioned $52,500 and the 100 hourly uncomplicated shifting common.
- There is a essential bullish development line forming with help near $52,500 on the hourly chart of the BTC/USD pair (info feed from Kraken).
- The pair is presently correcting gains, but it is probably to come across aid in close proximity to $52,500 and $52,000.
Bitcoin Price Continues to be Elevated
There was an upside extension in bitcoin previously mentioned the $54,500 resistance zone. BTC even cleared the $55,000 resistance and settled very well earlier mentioned the 100 hourly easy relocating typical.
It analyzed the $55,800 resistance zone right before the bears appeared. A superior is formed near $55,805 and the selling price is now correcting decrease. It traded under the 23.6% Fib retracement degree of the current maximize from the $49,375 small to $55,805 significant.
Bitcoin is tests the $53,500 assistance amount and it is nonetheless properly above the 100 hourly very simple relocating ordinary. The next major help is in the vicinity of the $52,500 amount. There is also a essential bullish pattern line forming with aid close to $52,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The development line is near to the 50% Fib retracement level of the new enhance from the $49,375 very low to $55,805 higher. On the upside, the $55,000 level is possible to act as a resistance again. The future critical resistance is in the vicinity of the $55,500 level. A obvious break earlier mentioned the $55,500 resistance could open up the doors for a move earlier mentioned the $56,000 level.
Dips Supported in BTC?
If bitcoin continues to move down, the $52,800 and $52,500 levels are likely to maintain losses. If there is a downside break below the craze line aid, there are odds of a shift in direction of the $52,000.
The subsequent key guidance is close to the $51,200 degree. Any extra downsides may contact for a exam of the principal $50,000 guidance zone in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is slowly and gradually losing momentum in the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now approaching the 50 level.
Significant Guidance Ranges – $53,000, followed by $52,500.
Big Resistance Concentrations – $54,500, $55,000 and $55,500.
