Bitcoin’s price has risen above the resistance of $57.500. BTC now shows positive signs, and could aim to move towards $60,000.
- Bitcoin has attempted to increase again above the support level of $57,200.
- Above $57.500, the price has traded above 100 hourly simple moving average.
- The hourly chart for the BTC/USD pairs shows a contracting key triangle, with resistance located at $58,500. (Data feed by Kraken).
- In the short-term, the pair may be able to climb further if they clear the resistance levels of $58,500 and $58.650.
Bitcoin price could extend gains
The Bitcoin price has started to rise. decent increase After it had broken the $57,000 zone of resistance. BTC managed to surpass the $57,500 barrier. Even the $58,000 zone was cleared by this pair.
The bears are active around the resistance level of $58,500. At $58,450, a new high has been formed and now the price consolidates gains. The price fell below the $58,000 mark. Price even fell below the Fib level for the 23.6% retracement of the move upward from the swing low at $55,550 to the high at $58,450.
Bitcoin has now reached a price of $57,500. 100 hourly Simple moving average. Price could be facing resistance at $58,500 on the upside. On the hourly BTC/USD chart, a contracting triangle is also visible with resistance near $58,500.
Near the level of $58,650, we find our first major resistance. If the resistance level of $58,650 is clearly broken, a gradual increase could begin in the next sessions. The next The key resistance might be $59,000. The price could rise further if it closes over the $59200 resistance. Price could test $60,000 in the case stated.
A Drop in BTC Prices?
Bitcoin could begin a new decline if it fails to break through the resistance level of $58,500. Support for the immediate downside lies near $57,600.
The major resistance is at $56,650. This level represents the 61.8% Fib of the move up from the swing-low $55,550 high to the new high. The first major support is $56,650 or the 61.8% Fib retracement level of the upward move from the $55,550 swing low to highs at $58450. next Support is nearing $56,220. If the market continues to fall, the support level could be as low as $55,550 in the short-term.
The following are technical indicators.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $57,600, followed by $55,550.
Major Resistance Levels – $58,500, and $58,650.
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Source: www.newsbtc.com