More

    Bitcoin Corrects From $55.8K, Why Dips Could Be Limited

    Bitcoin price extended its rise above the $55,000 resistance against the US Dollar. BTC is correcting lower from $55,800 and it could find bids near the $52,500 zone.
    Bitcoin climbed further above the $54,500 and $55,000 resistance levels.
    The price is now trading well above $52,500 and the 100 hourly simple moving average.
    There is a key bullish trend line forming with support near $52,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair is currently correcting gains, but it is likely to find support near $52,500 and $52,000.
    Bitcoin Price Remains Elevated
    There was an upside extension in bitcoin above the $54,500 resistance zone. BTC even cleared the $55,000 resistance and settled well above the 100 hourly simple moving average.
    It tested the $55,800 resistance zone before the bears appeared. A high is formed near $55,805 and the price is currently correcting lower. It traded below the 23.6% Fib retracement level of the recent increase from the $49,375 low to $55,805 high.
    Bitcoin is testing the $53,500 support level and it is still well above the 100 hourly simple moving average. The next major support is near the $52,500 level. There is also a key bullish trend line forming with support near $52,500 on the hourly chart of the BTC/USD pair.

    Source: BTCUSD on TradingView.com
    The trend line is close to the 50% Fib retracement level of the recent increase from the $49,375 low to $55,805 high. On the upside, the $55,000 level is likely to act as a resistance again. The next key resistance is near the $55,500 level. A clear break above the $55,500 resistance could open the doors for a move above the $56,000 level.
    Dips Supported in BTC?
    If bitcoin continues to move down, the $52,800 and $52,500 levels are likely to hold losses. If there is a downside break below the trend line support, there are chances of a move towards the $52,000.
    The next major support is near the $51,200 level. Any more downsides might call for a test of the main $50,000 support zone in the coming sessions.
    Technical indicators:
    Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now approaching the 50 level.
    Major Support Levels – $53,000, followed by $52,500.
    Major Resistance Levels – $54,500, $55,000 and $55,500.

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 41,727.00
    ethereum
    Ethereum (ETH) $ 2,600.66
    tether
    Tether (USDT) $ 1.00
    binance-coin
    Binance Coin (BNB) $ 341.18
    cardano
    Cardano (ADA) $ 1.37
    xrp
    XRP (XRP) $ 0.763062
    dogecoin
    Dogecoin (DOGE) $ 0.212075
    usd-coin
    USD Coin (USDC) $ 1.00
    polkadot
    Polkadot (DOT) $ 18.29
    binance-usd
    Binance USD (BUSD) $ 1.00
    uniswap
    Uniswap (UNI) $ 22.56
    bitcoin-cash
    Bitcoin Cash (BCH) $ 549.84
    chainlink
    Chainlink (LINK) $ 22.92
    litecoin
    Litecoin (LTC) $ 147.40
    solana
    Solana (SOL) $ 35.32
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 41,718.00
    matic-network
    Polygon (MATIC) $ 1.09
    stellar
    Stellar (XLM) $ 0.290562
    ethereum-classic
    Ethereum Classic (ETC) $ 52.41
    theta-token
    Theta Network (THETA) $ 6.16
    vechain
    VeChain (VET) $ 0.090122
    internet-computer
    Internet Computer (ICP) $ 42.85
    dai
    Dai (DAI) $ 1.00
    okb
    OKB (OKB) $ 19.82
    filecoin
    Filecoin (FIL) $ 55.78
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022109
    tron
    TRON (TRX) $ 0.065785
    terra-luna
    Terra (LUNA) $ 11.33
    cdai
    cDAI (CDAI) $ 0.021569
    monero
    Monero (XMR) $ 247.93
    aave
    Aave (AAVE) $ 331.94
    eos
    EOS (EOS) $ 4.12
    compound-ether
    cETH (CETH) $ 52.20
    ftx-token
    FTX Token (FTT) $ 35.29
    cosmos
    Cosmos (ATOM) $ 13.10
    amp-token
    Amp (AMP) $ 0.071808
    pancakeswap-token
    PancakeSwap (CAKE) $ 16.55
    the-graph
    The Graph (GRT) $ 0.711981
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.129314
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    neo
    NEO (NEO) $ 44.17
    leo-token
    LEO Token (LEO) $ 3.05
    algorand
    Algorand (ALGO) $ 0.865181
    maker
    Maker (MKR) $ 3,011.39
    bitcoin-sv
    Bitcoin SV (BSV) $ 143.86
    klay-token
    Klaytn (KLAY) $ 1.06
    tezos
    Tezos (XTZ) $ 3.11
    celsius-degree-token
    Celsius Network (CEL) $ 6.17
    iota
    IOTA (MIOTA) $ 0.914494
    avalanche-2
    Avalanche (AVAX) $ 13.73