Bitcoin worth examined the $47,000 assist zone earlier than beginning a restoration towards the US Dollar. BTC is exhibiting optimistic indicators, nevertheless it would possibly face hurdles close to $53,500.
- Bitcoin is rising and it’s buying and selling properly above the $50,000 pivot stage.
- The worth is now buying and selling effectively above $51,000 and the 100 hourly easy transferring common.
- There was a break above a serious bearish pattern line with resistance close to $51,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair is more likely to rally if there’s a clear break above the $53,500 resistance zone.
Bitcoin Price is Recovering
Bitcoin declined once more under the $48,500 assist stage. BTC even spiked under the $47,500 low and it traded to a brand new swing low close to $47,000.
The bulls appeared close to the $47,000 zone and the worth began a steady recovery. There was a break above the $50,000 resistance stage. The worth climbed above the 61.8% Fib retracement stage of the final key drop from the $51,050 excessive to $47,000 swing low.
There was a break above a serious bearish pattern line with resistance close to $51,500 on the hourly chart of the BTC/USD pair. The pair is now buying and selling effectively above $51,000 and the 100 hourly easy transferring common.
The present worth motion is optimistic and the worth is now buying and selling properly above $52,000. On the upside, there’s a main resistance ready close to the $53,200 and $53,500 ranges. The 1.618 Fib extension stage of the final key drop from the $51,050 excessive to $47,000 swing low can be close to $53,500.
Source: BTCUSD on TradingView.com
A profitable break and shut above the $53,500 stage may spark a powerful upward transfer. In the said case, the worth is more likely to rally above the $54,500 and $55,000 ranges within the close to time period.
Dips Limited in BTC?
If bitcoin fails to clear the $53,200 and $53,500 resistance ranges, it may begin a draw back correction. An speedy assist on the draw back is close to the $51,500 stage.
The first key assist is close to the $51,000 stage and the 100 hourly simple moving average. A recent shut under the 100 hourly easy transferring common is more likely to open the doorways for a drop in the direction of the $48,500 assist.
Technical indicators:
Hourly MACD – The MACD is slowly gaining power within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now effectively above the 50 stage.
Major Support Levels – $51,500, adopted by $51,000.
Major Resistance Levels – $53,200, $53,500 and $55,000.
