Bitcoin price continued its upward trend above the $52,000 resistance line. BTC is consolidating gains and could target further upside against $55,000 resistance.
- Bitcoin price remained in a bullish zone above the $51,000 and $51,200 levels.
- The price is trading above $51,200 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows two bullish trend lines forming with support at $51,450 and $49,200.
- A break above the $52,500 resistance area could continue the rise.
Bitcoin price rally extends
Bitcoin price began to rise steadily above the $50,000 resistance zone. BTC strengthened above the $50,500 and $51,200 levels. It even surged above the $52,000 resistance zone.
A new multi-week high was made near $52,493 and the price is currently on an upward trend. From the swing low of $48,240 to the high of $52,493, the uptrend remains above the 23.6% Fib retracement level of the recent wave. The hourly chart of the BTC/USD pair shows two bullish trend lines with support at $51,450 and $49,200.
Bitcoin is currently trading above $51,200 and the 100-hour simple moving average. Immediate resistance is near the $52,500 level. The next major resistance level could be $53,200, above which the price could continue its upward trend.
Source: TradingView.com BTCUSD
The next stop on the uptrend could possibly be $54,400. A clear break above the $54,400 resistance level could push the price towards the $55,000 resistance level. The next resistance could be near the $56,500 level.
Fixing BTC’s shortcomings?
If Bitcoin fails to break above the $52,500 resistance zone, another near-term downward correction could begin. Immediate support for the downside is near the $51,500 level and the first trend line.
The first major support is at $50,500 and the 50% Fib retracement level of the recent wave fell from $48,240 to $52,493. The price could gain bearish momentum if it closes below $50,500. If indicated, the price may plunge towards the $49,200 support and the second trend line.
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 – $51,500, then $50,500.
Key resistance levels – $52,500, $53,200 and $54,400.
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