There was a minor decline below the $52,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $48,240 swing low to the $52,843 high. However, the bulls were active above the $51,200 support zone.
Bitcoin is now trading above $51,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $51,500 on the hourly chart of the $BTC/USD pair.
Source: BTCUSD on TradingView.com
Immediate resistance is near the $52,500 level. The next key resistance could be $52,800, above which the price could extend its rally. The next stop for the bulls may perhaps be $53,200. A clear move above the $53,200 resistance could send the price toward the $54,000 resistance. The next resistance could be near the $55,000 level.
Are Dips Supported In $BTC?
If Bitcoin fails to rise above the $52,800 resistance zone, it could start another downside correction in the near term. Immediate support on the downside is near the $51,500 level and the trend line.
The first major support is $50,550 and the 50% Fib retracement level of the upward move from the $48,240 swing low to the $52,843 high. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $48,500 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.
Major Support Levels – $51,500, followed by $50,500.
Major Resistance Levels – $52,500, $52,800, and $54,000.
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.
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