Bitcoin price is attempting a fresh rise above the $52,000 resistance. BTC needs to overcome the $52,800 resistance to continue rising in the near term.
- Bitcoin price is gaining pace above the $52,800 resistance zone.
- The price is above $52,000 and the 100 hourly simple moving average.
- There was a break above a key bearish trendline with resistance at $51,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if it clears the $52,800 resistance zone.
Bitcoin price expects further gains
Bitcoin price started a downward correction from the $52,800 resistance zone. BTC corrected lower below the $52,000 and $51,500 levels. However, the bulls were active above the $50,500 zone.
A low was formed at $50,581 and the price is now attempting a fresh rise. There was a move above the $51,200 and $51,500 resistance levels. The price cleared the 50% Fib retracement level of the downward move from the swing high $52,843 to low $50,581.
Additionally, there was a break above a key bearish trend line with resistance at $51,880 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $52,000 and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
The immediate resistance is near the $52,300 level. It is near the 76.4% Fib retracement level of the downward move from the swing high $52,843 to low $50,581. The next key resistance could be at $52,800, above which the price could continue its rally. The next stop for the bulls could perhaps be $53,200. A clear move above the $53,200 resistance could propel the price towards the $54,000 resistance. The next resistance could be near the $55,000 level.
Another BTC decline?
If Bitcoin fails to rise above the $52,300 resistance zone, it could face another downside correction in the near term. The immediate downside support is near the $51,850 level and the trend line.
The first major support is at $51,300. If the close is below $51,300, the price could gain bearish momentum. In the mentioned case, the price could fall towards the $50,500 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $51,850, followed by $51,300.
Major resistance levels – $52,300, $52,800 and $54,000.
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