Bitcoin value prolonged its rise above the $55,000 resistance towards the US Greenback. BTC is correcting decrease from $55,800 and it might discover bids close to the $52,500 zone.
Bitcoin climbed additional above the $54,500 and $55,000 resistance ranges.
The worth is now buying and selling properly above $52,500 and the 100 hourly easy shifting common.
There’s a key bullish development line forming with help close to $52,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair is at present correcting positive aspects, however it’s more likely to discover help close to $52,500 and $52,000.
Bitcoin Worth Stays Elevated
There was an upside extension in bitcoin above the $54,500 resistance zone. BTC even cleared the $55,000 resistance and settled properly above the 100 hourly easy shifting common.
It examined the $55,800 resistance zone earlier than the bears appeared. A excessive is fashioned close to $55,805 and the worth is at present correcting decrease. It traded under the 23.6% Fib retracement degree of the current improve from the $49,375 low to $55,805 excessive.
Bitcoin is testing the $53,500 help degree and it’s nonetheless properly above the 100 hourly easy shifting common. The following main help is close to the $52,500 degree. There may be additionally a key bullish development line forming with help close to $52,500 on the hourly chart of the BTC/USD pair.
Supply: BTCUSD on TradingView.com
The development line is near the 50% Fib retracement degree of the current improve from the $49,375 low to $55,805 excessive. On the upside, the $55,000 degree is more likely to act as a resistance once more. The following key resistance is close to the $55,500 degree. A transparent break above the $55,500 resistance might open the doorways for a transfer above the $56,000 degree.
Dips Supported in BTC?
If bitcoin continues to maneuver down, the $52,800 and $52,500 ranges are more likely to maintain losses. If there’s a draw back break under the development line help, there are possibilities of a transfer in direction of the $52,000.
The following main help is close to the $51,200 degree. Any extra downsides would possibly name for a take a look at of the primary $50,000 help zone within the coming periods.
Hourly MACD – The MACD is slowly dropping momentum within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now approaching the 50 degree.
Main Assist Ranges – $53,000, adopted by $52,500.
Main Resistance Ranges – $54,500, $55,000 and $55,500.