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TA: Bitcoin Sets New ATH Above $52K, Why Dips Remain Attractive

Bitcoin value prolonged its rally above the $51,000 stage and it even broke $52,000 in opposition to the US Dollar. BTC traded to a brand new all-time excessive close to $52,745 and it’s consolidating positive aspects.

  • Bitcoin broke the $52,000 resistance and traded to a brand new all-time excessive close to $52,745.
  • The value is buying and selling properly close to $52,000 and it’s properly above the 100 hourly easy transferring common.
  • There is a short-term contracting triangle with resistance close to $52,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may dip in the direction of $51,500 or $51,000, however the bulls are more likely to stay energetic.

Bitcoin Price is Showing Positive Signs

There have been principally bullish strikes in bitcoin value above the $50,000 resistance. BTC prolonged its rally above the $51,000 and $51,500 resistance ranges.

During the rise, there was a break above a key contracting triangle with resistance close to $51,200 on the hourly chart of the BTC/USD pair. It opened the doorways for extra positive aspects above $52,000 (as mentioned yesterday).

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The value traded to a brand new all-time excessive close to $52,745 earlier than beginning a draw back correction. It is buying and selling close to $52,000 and it’s properly above the 100 hourly easy transferring common. There was a break under the 23.6% Fib retracement stage of the latest enhance from the $50,773 swing low to $52,744 excessive.

Source: BTCUSD on TradingView.com

There can be one other short-term contracting triangle with resistance close to $52,250 on the identical chart. If bitcoin value stays secure, there are possibilities of a recent enhance above the $52,250 and $52,500 ranges.

The subsequent main resistance is close to the $52,744 excessive, above which the bulls may purpose a break above the $53,000 and $53,200 ranges within the close to time period.

Dips Supported BTC?

If bitcoin fails to clear the triangle resistance, it may right decrease under $52,000. The subsequent help is close to the $51,750 stage. It is near the 50% Fib retracement stage of the latest enhance from the $50,773 swing low to $52,744 excessive.

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The major help is now forming close to the $51,500 stage, the place the bulls are more likely to take a stand. Any extra losses may lead the value in the direction of the $50,500 help stage.

Technical indicators:

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

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

Major Support Levels – $51,500, adopted by $50,500.

Major Resistance Levels – $52,250, $52,750 and $53,000.

EditorialTeam

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