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TA: Bitcoin Rallies above $52K, Why BTC Might Quickly Hit $55K

03/09/2021

Bitcoin value rallied over 5% and it even broke the $52,000 resistance in opposition to the US Greenback. BTC is now above $53,000 and it’s more likely to proceed greater in direction of $54,500 and $55,000.

  • Bitcoin prolonged its rise above the $51,500 and $52,000 resistance ranges.
  • The value is now buying and selling properly above $52,000 and the 100 hourly easy transferring common.
  • There was a break above a key resistance development line at $52,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may appropriate a number of factors, however it’s more likely to discover help close to $52,800 and $52,000.

Bitcoin Worth Extends Improve

Yesterday, we noticed a recent enhance in bitcoin above the $50,000 resistance zone. BTC remained in a bullish zone and it was in a position to prolong beneficial properties above $52,000 after a short-term draw back correction.

The bulls gained power, leading to a robust push above $52,000. There was additionally a break above a key resistance development line at $52,800 on the hourly chart of the BTC/USD pair. The pair cleared the 76.4% Fib retracement stage of the important thing decline from the $52,748 swing excessive to $46,350 swing low.

Bitcoin is now buying and selling properly above $52,000 and the 100 hourly easy transferring common. The value is buying and selling properly above the $53,000 stage and it’s more likely to proceed greater.

Bitcoin

Supply: BTCUSD on TradingView.com

A direct resistance is close to the $54,000 stage. The primary key resistance is close to the $54,250 stage. It’s near the 1.236 Fib extension stage of the important thing decline from the $52,748 swing excessive to $46,350 swing low. The following main resistance for the bulls is close to the $55,000 stage. Any extra beneficial properties could lead on the value in direction of the $58,000 resistance zone and the all-time excessive.

Dips Supported in BTC?

If bitcoin begins a draw back correction, it’s more likely to stay properly bid above $52,000. An preliminary help on the draw back is close to the $53,000 stage.

The primary key help is close to the $52,700 stage and the damaged development line. Any extra downsides would possibly name for a check of the principle $52,000 help zone within the coming classes.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now properly above the 60 stage.

Main Help Ranges – $53,000, adopted by $52,700.

Main Resistance Ranges – $54,000, $54,250 and $55,000.