Bitcoin price surpassed the $52,00 resistance level. The buyers are providing good support and it is likely Bitcoin price reaches $55,000. Here is a summary of Bitcoin in the past 24 hours:
- Bitcoin surpassed the $51,500 and $52,000 resistance levels.
- Currently BTC is above $52,000 and the 1-hour candles are above the SMA100
- For the 1-hour chart, there is an important upward trend with support at $52,250.
- There might be a price correction but BTC has a good chance to have support at $52,250 and $52,000.
Bitcoin Price Action Analysis
Bitcoin price was ranging above $51,000 for a while before starting a new bull run. BTC broke through the $52,000 and surpassed the SMA100 and finally got out of the woods.
At some point, the price went beyond $52,500 and momentarily touched $52,800. Currently the price is over $52,000 and the 1-hour candles are above the SMA100. The first support level is at $52,400 near the 23.6% Fibonacci retracement level.
The next support level is at $52,250. Looking at the 1-hour chart, we have an important upward trend with support at $52,250.
By dipping below this point, the price will reach its primary support at $52,00. It is near the 50% Fibonacci retracement level from the latest rise from $51,183 to $52,800. If BTC price closes below there, the decline will likely continue. At that point, Bitcoin might fall as low as $50,850 near the SMA100.
On the other hand, if Bitcoin remains above $52,000, the upward trend will continue. And with that, the first resistance level will be near $52,650.
Following that, the $52,800 will be the next to follow. If BTC surpasses this level, the bullish trend will go on in short-term. After that, the crucial $53,500 will resist the price. Further bull run would bring the price close to $54,200.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently above 60.
Resistance levels: Respectively, the $52,650, $52,800 and $53,500 are crucial resistance levels.
Support levels: the $52,250 and $52,000 are important support levels that will cause further decline if they are broken.
If you are looking to exchange your Bitcoin into Webmoney, Perfect money or PayPal, or Purchase Bitcoin with Perfect Money USD, hi.exchange provides excellent exchange services. with 24/7 customer support and the best exchange rates at any moment, our team of professionals will guarantee our customers with a secure, easy and smooth exchange experience. And to stay up to date with our latest opinion articles, technical analysis and news, stay right here.