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TA: Bitcoin Value Breaks $52K, Why Rally Isn’t Over But

09/07/2021

Bitcoin value broke the important thing $52,000 resistance zone in opposition to the US Greenback. BTC stays supported and it might proceed to climb greater in direction of $55,000.

  • Bitcoin began a contemporary enhance above the $51,500 and $52,000 resistance ranges.
  • The value is now buying and selling above $52,000 and the 100 hourly easy transferring common.
  • There’s a key bullish pattern line forming with help close to $52,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might dips a number of factors, however it may discover help close to $52,250 and $52,000.

Bitcoin Value Extends Positive factors

Bitcoin value consolidated above the $51,000 zone for a while earlier than beginning a contemporary enhance. BTC broke the important thing $52,000 resistance zone and the 100 hourly easy transferring common to maneuver additional right into a constructive zone.

The value even broke the $52,500 resistance and traded as excessive as $52,800. It’s now buying and selling nicely above $52,000 and the 100 hourly easy transferring common. A right away help is close to the $52,400 stage. It’s close to the 23.6% Fib retracement stage of the latest enhance from the $51,183 swing low to $52,800 excessive.

The following help might be close to the $52,250 stage. There’s additionally a key bullish pattern line forming with help close to $52,250 on the hourly chart of the BTC/USD pair.

Supply: BTCUSD on TradingView.com

The principle help is now forming close to the $52,000 stage. It’s near the 50% Fib retracement stage of the latest enhance from the $51,183 swing low to $52,800 excessive. If there’s a draw back break under the $52,000 help zone, the value might prolong its decline. Within the acknowledged case, the value might take a look at the $50,850 help or the 100 hourly SMA.

Extra Upsides In BTC?

If bitcoin stays above the $52,000 help zone and the pattern line, it might rise additional. A right away resistance on the upside is close to the $52,650 stage.

The primary main resistance is close to the $52,800 stage. A detailed above the $52,800 stage might pump the value additional within the close to time period. The following main hurdle for the bulls might be close to the $53,500 zone. Any extra positive aspects could lead on the value in direction of the $54,200 stage.

Technical indicators:

Hourly MACD – The MACD is slowly gaining tempo within the bullish zone.

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

Main Help Ranges – $52,250, adopted by $52,000.

Main Resistance Ranges – $56,650, $52,800 and $53,500.