Bitcoin price is attempting a new rise above the $52,000 resistance level. For BTC to continue moving higher in the near term, the resistance at $52,800 needs to be cleared.
- Bitcoin price is rising above the $52,800 resistance level.
- The price is trading above $52,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trendline with resistance at $51,880.
- A break above the $52,800 resistance area could continue the rise.
Bitcoin price gains more
Bitcoin price began a downward correction at the $52,800 resistance zone. BTC corrected below the $52,000 and $51,500 levels. However, the bulls remained active above the $50,500 area.
A low was made near $50,581 and the price is currently attempting a new rise. There was movement above the $51,200 and $51,500 resistance levels. Price cleared the 50% Fib retracement level of the downward move from the $52,843 swing high to the $50,581 low.
Moreover, on the hourly chart of the BTC/USD pair, it broke the key bearish trend line at the resistance level of $51,880. Bitcoin is currently trading above $52,000 and the 100-hour simple moving average.
Source: TradingView.com BTCUSD
Immediate resistance is near the $52,300 level. It is close to the 76.4% Fib retracement level of the downward move from the $52,843 swing high to the $50,581 low. The next major resistance level could be $52,800, above which the price could continue its upward trend. The next stop for the bulls could possibly be $53,200. A clear break above the $53,200 resistance level could push the price towards the $54,000 resistance level. The next resistance could be near the $55,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $52,300 resistance zone, another near-term downward correction could begin. Immediate support for the downside is near the $51,850 level and trend line.
The first major support is $51,300. The price could gain bearish momentum if it closes below $51,300. If indicated, the price may decline towards the $50,500 support area.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $51,850, then $51,300.
Key resistance levels – $52,300, $52,800 and $54,000.
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