Bitcoin price rose over 5% and even broke the USD 52,000 resistance against the US dollar. BTC is now above $ 53,000 and should continue to climb towards $ 54,500 and $ 55,000.
- Bitcoin has extended its surge above the $ 51,500 and $ 52,000 resistance levels.
- The price is now trading well above $ 52,000 and the 100 hour simple moving average.
- The hourly chart of the BTC / USD pair (data feed from Kraken) broke above a major resistance trendline at USD 52,800.
- The pair could correct a few points but is likely to find support near $ 52,800 and $ 52,000.
Bitcoin price prolongs rise
Yesterday we saw Bitcoin rise again above the USD 50,000 resistance zone. BTC remained in a bullish zone and was able to generate gains above $ 52,000 after a short-term downward correction.
The bulls gained strength which resulted in a strong push above $ 52,000. The hourly chart for the BTC / USD pair also broke above a major resistance trendline at USD 52,800. The pair erased the 76.4% fib retracement level of the key decline from the $ 52,748 swing high to the $ 46,350 swing low.
Bitcoin is now trading well above $ 52,000 and the 100-hour simple moving average. The price is trading well above the USD 53,000 level and should continue to rise.
Source: BTCUSD on TradingView.com
Immediate resistance is near the $ 54,000 level. The first key resistance is near the $ 54,250 level. It is close to the 1,236 Fib extension level of the key decline from the $ 52,748 swing high to the $ 46,350 swing low. The next major resistance for the bulls is near the $ 55,000 level. Further gains could move the price towards the $ 58,000 resistance zone and all-time high.
Dips supported in BTC?
If Bitcoin starts a downward correction, it will likely continue to bid well above $ 52,000. Initial downside support is near the $ 53,000 level.
The first major support is near the USD 52,700 level and the broken trend line. Other drawbacks could require a test of the main support zone for $ 52,000 in the upcoming sessions.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 60 level.
Major support levels – $ 53,000 followed by $ 52,700.
Main Resistance Levels – $ 54,000, $ 54,250, and $ 55,000.
