Bitcoin price continues to rise above the $52,000 resistance line. BTC is consolidating gains and could target further upside against $55,000 resistance.
- Bitcoin price is showing positive signs below the $52,800 resistance zone.
- The price is trading above $51,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bullish trendline attached with support at $51,500.
- A break above the $52,800 resistance area could continue the rise.
Bitcoin price to watch for further gains
Bitcoin price rose above the $51,200 resistance zone. BTC even broke the $52,000 resistance zone. A new multi-week high was made around $52,843 and the price is currently on an upward trend.
It fell slightly below the $52,000 level. The price fell below the 23.6% Fib retracement level, rising from the $48,240 swing low to the $52,843 high. However, the bulls remained active above the $51,200 support zone.
Bitcoin is currently trading above $51,500 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a connecting bullish trendline with support at $51,500.
Source: TradingView.com BTCUSD
Immediate resistance is near the $52,500 level. 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.
Are dips supported in BTC?
If Bitcoin fails to rise above the $52,800 resistance zone, another near-term downward correction could begin. Immediate support for the downside is near the $51,500 level and trend line.
The first major support is $50,550 and the 50% Fib retracement level of the rise from the $48,240 swing low to the $52,843 high. The price could gain bearish momentum if it closes below $50,500. If stated, the price may plunge towards the $48,500 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 – $51,500, then $50,500.
Key resistance levels – $52,500, $52,800 and $54,000.
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