Bitcoin price tested the $47,000 support zone before starting a recovery against the US Dollar. BTC is showing positive signs, but it might face hurdles near $53,500.

Bitcoin declined again below the $48,500 support level. BTC even spiked below the $47,500 low and it traded to a new swing low near $47,000.

The bulls appeared near the $47,000 zone and the price started a steady recovery. There was a break above the $50,000 resistance level. The price climbed above the 61.8% Fib retracement level of the last key drop from the $51,050 high to $47,000 swing low.

There was a break above a major bearish trend line with resistance near $51,500 on the hourly chart of the BTC/USD pair. The pair is now trading well above $51,000 and the 100 hourly simple moving average.

The current price action is positive and the price is now trading nicely above $52,000. On the upside, there is a major resistance waiting near the $53,200 and $53,500 levels. The 1.618 Fib extension level of the last key drop from the $51,050 high to $47,000 swing low is also near $53,500.

A successful break and close above the $53,500 level could spark a strong upward move. In the stated case, the price is likely to rally above the $54,500 and $55,000 levels in the near term.

If bitcoin fails to clear the $53,200 and $53,500 resistance levels, it could start a downside correction. An immediate support on the downside is near the $51,500 level.

The first key support is near the $51,000 level and the 100 hourly simple moving average. A fresh close below the 100 hourly simple moving average is likely to open the doors for a drop towards the $48,500 support.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $51,500, followed by $51,000.

Major Resistance Levels – $53,200, $53,500 and $55,000.

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