Bitcoin worth spiked towards the $53,200 resistance. BTC is buying and selling in a significant vary and nonetheless holding beneficial properties above the $50,000 assist zone.

• Bitcoin worth is struggling to clear the $52,500 resistance zone.
• The worth is buying and selling under $52,400 and the 100 hourly Easy transferring common.
• There’s a connecting bearish development line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may dip towards the $51,600 assist earlier than it makes an attempt a contemporary enhance.

Bitcoin Worth Holds Floor

Bitcoin worth made one other try to achieve energy above the $52,200 resistance zone. BTC broke the $52,500 degree and even spiked above $52,800. Nevertheless, the bears had been energetic 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 making an attempt a contemporary enhance. There was a transfer above the $51,600 degree. The worth 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 transferring common. There may be additionally a connecting bearish development 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 subsequent key resistance may very well be $52,400 or the development 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 may 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 may ship the worth towards the $53,500 resistance. The subsequent resistance may very well be close to the $54,200 degree.

One other Drop In BTC?

If Bitcoin fails to rise above the $52,400 resistance zone, it may begin one other decline within the close to time period. Fast assist on the draw back is close to the $51,600 degree.

The primary main assist is $51,200. If there’s a shut under $51,200, the worth may achieve bearish momentum. Within the said case, the worth may decline towards the $50,500 assist zone, under which the worth may flip bearish within the quick 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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