Bitcoin Price Shows Positive Signs Below Resistance Zone
The price of Bitcoin is displaying optimistic indicators below the $52,800 resistance zone. It is currently trading above $51,500 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a bullish trend line is forming with support at $51,500.
Bitcoin Price Eyes More Upsides
Bitcoin’s price has gained momentum by surpassing the $51,200 resistance zone and breaking through the $52,000 level. A new multi-week high was established around $52,843 before the price entered a consolidation phase.
Although there was a slight decline below $52,000, the bulls remained active above the $51,200 support zone. Bitcoin is now trading above $51,500 and the 100 hourly Simple Moving Average. Additionally, a bullish trend line is forming on the hourly chart.
Are Dips Supported In BTC?
If Bitcoin fails to overcome the $52,800 resistance zone, it may experience a downside correction in the near future. Immediate support lies at the $51,500 level and the trend line. The first major support level is at $50,550 along with the 50% Fib retracement level.
If the price closes below $50,500, it could gain bearish momentum and potentially drop towards the $48,500 support zone.
Technical Indicators:
– Hourly MACD: The MACD is currently gaining pace in the bullish zone.
– Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now above the 50 level.
Hot Take: Bitcoin Price Holds Strong Support Level
Bitcoin’s price is showing positive signs as it maintains its position above the $51,500 support level and the 100 hourly Simple Moving Average. With a connecting bullish trend line on the chart, there is potential for further upside movement if the resistance zone at $52,800 is cleared.
The immediate resistance lies at $52,500, followed by key resistance levels at $52,800 and $54,000. However, if Bitcoin fails to break through the resistance zone, it could experience a downside correction. In this scenario, the support levels to watch are $51,500 and $50,500.
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