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TA: Bitcoin Price Breaks $52K, Why Rally Isn’t Over Yet

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Bitcoin price broke the key $52,000 resistance zone against the US Dollar. BTC remains supported and it could continue to climb higher towards $55,000.

  • Bitcoin started a fresh increase above the $51,500 and $52,000 resistance levels.
  • The price is now trading above $52,000 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $52,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could dips a few points, but it might find support near $52,250 and $52,000.

Bitcoin Price Extends Gains

Bitcoin price consolidated above the $51,000 zone for some time before starting a fresh increase. BTC broke the key $52,000 resistance zone and the 100 hourly simple moving average to move further into a positive zone.

The price even broke the $52,500 resistance and traded as high as $52,800. It is now trading well above $52,000 and the 100 hourly simple moving average. An immediate support is near the $52,400 level. It is near the 23.6% Fib retracement level of the recent increase from the $51,183 swing low to $52,800 high.

The next support could be near the $52,250 level. There is also a key bullish trend line forming with support near $52,250 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The main support is now forming near the $52,000 level. It is close to the 50% Fib retracement level of the recent increase from the $51,183 swing low to $52,800 high. If there is a downside break below the $52,000 support zone, the price could extend its decline. In the stated case, the price could test the $50,850 support or the 100 hourly SMA.

More Upsides In BTC?

If bitcoin stays above the $52,000 support zone and the trend line, it could rise further. An immediate resistance on the upside is near the $52,650 level.

The first major resistance is near the $52,800 level. A close above the $52,800 level could pump the price further in the near term. The next major hurdle for the bulls could be near the $53,500 zone. Any more gains could lead the price towards the $54,200 level.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 60 level.

Major Support Levels – $52,250, followed by $52,000.

Major Resistance Levels – $56,650, $52,800 and $53,500.

   
Source

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