Bitcoin is holding gains above the $50,000 resistance against the US Dollar. BTC is showing positive signs and there could be more gains above $52,000.
- Bitcoin settled above the $50,000 resistance zone and dips remained supported.
- The price is trading well above $50,000 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $50,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is gaining pace and might soon clear the $51,200 resistance zone in the near term.
Bitcoin Price Gains Pace
Bitcoin price started a minor downside correction from the $51,800 zone. BTC declined below the $51,200 level to move into a short-term bearish zone.
There was a break below the 50% Fib retracement level of the upward move increase from the $48,105 swing low to $51,800 high. There was even a spike below the $50,000 level and the 100 hourly simple moving average.Bitcoin is trading well above $50,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $50,400 on the hourly chart of the BTC/USD pair.
Source:An immediate resistance on the upside is near the $51,200 level. The next key resistance could be $51,500. A clear move above the $51,500 resistance zone could start a fresh increase. The next major stop for the bulls may possibly be near the $53,500 level.