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Bitcoin Price Hold Strong At $52K: Indicators Show Signs of More Upsides

17 February 2024
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Bitcoin worth is holding positive factors above the $52,000 resistance. BTC is consolidating positive factors and would possibly goal for extra upsides towards the $55,000 resistance.

Bitcoin worth is displaying constructive indicators beneath the $52,800 resistance zone.
The worth is buying and selling above $51,500 and the 100 hourly Easy transferring common.
There’s a connecting bullish development line forming with help at $51,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair may proceed to maneuver up if it clears the $52,800 resistance zone.

Bitcoin Worth Eyes Extra Upsides

Bitcoin worth gained tempo above the $51,200 resistance zone. BTC even broke the $52,000 resistance zone. A brand new multi-week excessive was fashioned close to $52,843 and the value is now consolidating positive factors.

There was a minor decline beneath the $52,000 degree. The worth dipped beneath the 23.6% Fib retracement degree of the upward transfer from the $48,240 swing low to the $52,843 excessive. Nevertheless, the bulls had been energetic above the $51,200 help zone.

Bitcoin is now buying and selling above $51,500 and the 100 hourly Easy transferring common. There’s additionally a connecting bullish development line forming with help at $51,500 on the hourly chart of the BTC/USD pair.

Supply: BTCUSD on TradingView.com

Rapid resistance is close to the $52,500 degree. The following key resistance could possibly be $52,800, above which the value may prolong its rally. The following cease for the bulls might maybe be $53,200. A transparent transfer above the $53,200 resistance may ship the value towards the $54,000 resistance. The following resistance could possibly be close to the $55,000 degree.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $52,800 resistance zone, it may begin one other draw back correction within the close to time period. Rapid help on the draw back is close to the $51,500 degree and the development line.

The primary main help is $50,550 and the 50% Fib retracement degree of the upward transfer from the $48,240 swing low to the $52,843 excessive. If there’s a shut beneath $50,500, the value may achieve bearish momentum. Within the said case, the value may dive towards the $48,500 help zone.

Technical indicators:

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

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

Main Assist Ranges – $51,500, adopted by $50,500.

Main Resistance Ranges – $52,500, $52,800, and $54,000.

Disclaimer: The article is supplied for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding selections. Use info supplied on this web site totally at your personal danger.



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Tags: 52KBitcoinHoldIndicatorsPriceshowSignsStrongUpsides
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