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TA: Bitcoin Corrects From $55.8K, Why Dips Might Be Restricted

03/10/2021

Bitcoin worth prolonged its rise above the $55,000 resistance towards the US Greenback. BTC is correcting decrease from $55,800 and it might discover bids close to the $52,500 zone.

  • Bitcoin climbed additional above the $54,500 and $55,000 resistance ranges.
  • The value is now buying and selling effectively above $52,500 and the 100 hourly easy transferring common.
  • There’s a key bullish pattern line forming with help close to $52,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is at the moment correcting features, however it’s more likely to discover help close to $52,500 and $52,000.

Bitcoin Value Stays Elevated

There was an upside extension in bitcoin above the $54,500 resistance zone. BTC even cleared the $55,000 resistance and settled effectively above the 100 hourly easy transferring common.

It examined the $55,800 resistance zone earlier than the bears appeared. A excessive is fashioned close to $55,805 and the value is at the moment correcting decrease. It traded beneath the 23.6% Fib retracement degree of the current improve from the $49,375 low to $55,805 excessive.

Bitcoin is testing the $53,500 help degree and it’s nonetheless effectively above the 100 hourly easy transferring common. The following main help is close to the $52,500 degree. There’s additionally a key bullish pattern line forming with help close to $52,500 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The pattern line is near the 50% Fib retracement degree of the current improve from the $49,375 low to $55,805 excessive. On the upside, the $55,000 degree is more likely to act as a resistance once more. The following key resistance is close to the $55,500 degree. A transparent break above the $55,500 resistance might open the doorways for a transfer above the $56,000 degree.

Dips Supported in BTC?

If bitcoin continues to maneuver down, the $52,800 and $52,500 ranges are more likely to maintain losses. If there’s a draw back break beneath the pattern line help, there are probabilities of a transfer in direction of the $52,000.

The following main help is close to the $51,200 degree. Any extra downsides may name for a check of the primary $50,000 help zone within the coming classes.

Technical indicators:

Hourly MACD – The MACD is slowly dropping momentum within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now approaching the 50 degree.

Main Help Ranges – $53,000, adopted by $52,500.

Main Resistance Ranges – $54,500, $55,000 and $55,500.