Bitcoin Price Consolidates Below Resistance, Are Dips Still Supported?

Bitcoin value is correcting good points from the $52,500 resistance. BTC should keep above the $50,500 help to stay in a bullish zone this month.

Bitcoin value is struggling to clear the $52,800 resistance zone.
The value is buying and selling beneath $52,200 and the 100 hourly Easy transferring common.
There was a break beneath a key bullish pattern line with help at $52,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair might begin a contemporary improve until there’s a clear transfer beneath the $50,500 help.

Bitcoin Worth Faces Hurdles

Bitcoin value made one other try to achieve power above the $52,000 resistance zone. BTC broke the $52,200 stage, however the bears had been nonetheless lively close to the $52,500 stage.

A excessive was fashioned close to $52,475 and the worth is now correcting good points. There was a transfer beneath the $52,000 stage. The pair traded beneath the 50% Fib retracement stage of the upward transfer from the $50,581 swing low to the $52,475 excessive.

In addition to, there was a break beneath a key bullish pattern line with help at $52,200 on the hourly chart of the BTC/USD pair. Bitcoin is now buying and selling beneath $52,000 and the 100 hourly Easy transferring common.

Supply: BTCUSD on TradingView.com

Speedy resistance is close to the $52,000 stage. The following key resistance might be $52,200, above which the worth might rise towards the $52,500 resistance zone. The principle resistance continues to be close to the $52,800 stage. A transparent transfer above the $52,800 resistance might ship the worth towards the $53,500 resistance. The following resistance might be close to the $55,000 stage.

Extra Losses In BTC?

If Bitcoin fails to rise above the $52,200 resistance zone, it might begin one other decline within the close to time period. Speedy help on the draw back is close to the $51,300 stage and the 61.8% Fib retracement stage of the upward transfer from the $50,581 swing low to the $52,475 excessive.

The primary main help is $51,000. If there’s a shut beneath $51,000, the worth might achieve bearish momentum. Within the said case, the worth might decline towards the $50,500 help zone, beneath which the worth may flip bearish within the brief time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Help Ranges – $51,300, adopted by $50,500.

Main Resistance Ranges – $52,200, $52,500, and $52,800.

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