Bitcoin value spiked towards the $53,200 resistance. BTC is buying and selling in a significant vary and nonetheless holding positive aspects above the $50,000 help zone.
- Bitcoin value is struggling to clear the $52,500 resistance zone.
- The value is buying and selling under $52,400 and the 100 hourly Easy shifting common.
- There’s a connecting bearish pattern line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might dip towards the $51,600 help earlier than it makes an attempt a recent improve.
Bitcoin Value Holds Floor
Bitcoin value made one other try to realize energy above the $52,200 resistance zone. BTC broke the $52,500 degree and even spiked above $52,800. Nevertheless, the bears had been lively close to the $53,000 degree.
A brand new multi-week excessive was fashioned close to $52,991 and the worth dived towards $50,500. A low was fashioned at $50,663 and the worth is now trying a recent improve. There was a transfer above the $51,600 degree. The value climbed above the 50% Fib retracement degree of the downward transfer from the $52,991 swing excessive to the $50,663 low.
Bitcoin is now buying and selling under $52,400 and the 100 hourly Easy shifting common. There may be additionally a connecting bearish pattern line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair.
Fast resistance is close to the $52,200 degree. The following key resistance might be $52,400 or the pattern line or the 76.4% Fib retracement degree of the downward transfer from the $52,991 swing excessive to the $50,663 low, above which the worth might rise towards the $52,800 resistance zone.
Supply: BTCUSD on TradingView.com
The principle resistance is now close to the $53,000 degree. A transparent transfer above the $53,000 resistance might ship the worth towards the $53,500 resistance. The following resistance might be close to the $54,200 degree.
One other Drop In BTC?
If Bitcoin fails to rise above the $52,400 resistance zone, it might begin one other decline within the close to time period. Fast help on the draw back is close to the $51,600 degree.
The primary main help is $51,200. If there’s a shut under $51,200, the worth might achieve bearish momentum. Within the said case, the worth might decline towards the $50,500 help zone, under which the worth would possibly flip bearish within the brief time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 degree.
Main Help Ranges – $51,600, adopted by $51,200.
Main Resistance Ranges – $52,200, $52,400, and $52,800.
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