Bitcoin value gained tempo and it cleared the $53,000 resistance zone towards the US Dollar. BTC is consolidating and it appears prepared for extra positive factors above $54,000.
- Bitcoin remained nicely bid and it was capable of clear the $53,000 resistance.
- The value is now buying and selling nicely above $52,000 and the 100 hourly easy shifting common.
- There is a key contracting triangle forming with resistance close to $54,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair is more likely to proceed greater above the $54,000 and $54,500 resistance ranges.
Bitcoin Price is Gaining Pace
Bitcoin remained nicely supported above the $51,000 stage and it managed to increase positive factors. BTC gained bullish momentum above the $52,000 resistance and the 100 hourly easy shifting common.
It even cleared the $53,000 and $53,500 resistance levels. A excessive is fashioned close to $54,455 and the value is now consolidating positive factors. It already examined the $53,000 assist stage. The 23.6% Fib retracement stage of the latest wave from the $47,010 swing low to $54,455 excessive is appearing as a assist.
It looks as if there’s a key contracting triangle forming with resistance close to $54,000 on the hourly chart of the BTC/USD pair. The pair is now buying and selling nicely above $52,000 and the 100 hourly easy shifting common.
Source: BTCUSD on TradingView.com
If there’s a clear break above the $54,000 resistance zone, the value is more likely to speed up greater. The subsequent key resistance is close to the $54,500 stage, above which the doorways might open for a run up in direction of the $58,000 barrier within the close to time period.
Dips Limited in BTC?
If bitcoin fails to clear the $54,500 and $55,000 resistance ranges, it might begin a draw back correction. An speedy assist on the draw back is close to the $53,000 stage.
The first key assist is close to the $51,250 stage. The 50% Fib retracement stage of the latest wave from the $47,010 swing low to $54,455 excessive can be close to the $50,700 stage to behave as a assist. Moreover, the 100 hourly simple moving average is at $50,500 to behave as a powerful assist within the close to time period.
Hourly MACD – The MACD is slowly gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now nicely above the 55 stage.
Major Support Levels – $53,000, adopted by $51,250.
Major Resistance Levels – $54,500, $55,000 and $58,000.