Bitcoin price spiked toward the $53,200 resistance. BTC is trading in a major range and still holding gains above the $50,000 support zone.
Bitcoin price is struggling to clear the $52,500 resistance zone.
The price is trading below $52,400 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could dip toward the $51,600 support before it attempts a fresh increase.
Bitcoin Price Holds Ground
Bitcoin price made another attempt to gain strength above the $52,200 resistance zone. BTC broke the $52,500 level and even spiked above $52,800. However, the bears were active near the $53,000 level.
A new multi-week high was formed near $52,991 and the price dived toward $50,500. A low was formed at $50,663 and the price is now attempting a fresh increase. There was a move above the $51,600 level. The price climbed above the 50% Fib retracement level of the downward move from the $52,991 swing high to the $50,663 low.
Bitcoin is now trading below $52,400 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $52,200 level. The next key resistance could be $52,400 or the trend line or the 76.4% Fib retracement level of the downward move from the $52,991 swing high to the $50,663 low, above which the price could rise toward the $52,800 resistance zone.
Source: BTCUSD on TradingView.com
The main resistance is now near the $53,000 level. A clear move above the $53,000 resistance could send the price toward the $53,500 resistance. The next resistance could be near the $54,200 level.
Another Drop In BTC?
If Bitcoin fails to rise above the $52,400 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,600 level.
The first major support is $51,200. If there is a close below $51,200, the price could gain bearish momentum. In the stated case, the price could decline toward the $50,500 support zone, below which the price might turn bearish in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $51,600, followed by $51,200.
Major Resistance Levels – $52,200, $52,400, and $52,800.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
