Bitcoin price is holding gains above the $52,000 resistance level. BTC is consolidating gains and may aim for further upside towards the $55,000 resistance level.
- Bitcoin price is showing positive signs below the $52,800 resistance zone.
- The price is above USD 51,500 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support at $51,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if it clears the $52,800 resistance zone.
Bitcoin price sees further upside potential
Bitcoin price gained momentum above the $51,200 resistance zone. BTC even broke the $52,000 resistance zone. A new multi-week high was formed at $52,843 and the price is now consolidating gains.
There was a slight decline below the $52,000 level. The price fell below the 23.6% Fib retracement level of the upward move from the swing low $48,240 to high $52,843. However, the bulls were active above the $51,200 support zone.
Bitcoin is now trading above $51,500 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with the support at $51,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The immediate resistance is near the $52,500 level. The next key resistance could be at $52,800, above which the price could continue its rally. The next stop for the bulls could perhaps be $53,200. A clear move above the $53,200 resistance could propel the price towards the $54,000 resistance. The next resistance could be near the $55,000 level.
Are dips in BTC supported?
If Bitcoin fails to rise above the $52,800 resistance zone, it could face another downside correction in the near term. The immediate downside support is near the $51,500 level and the trend line.
The first major support lies at $50,550 and the 50% Fib retracement level of the upward move from the swing low at $48,240 to the high at $52,843. If the close is below $50,500, the price could gain bearish momentum. In the mentioned case, the price could fall towards the $48,500 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Main support levels – $51,500, followed by $50,500.
Major resistance levels – $52,500, $52,800 and $54,000.
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