Bitcoin is gradually moving up above $56,500. BTC may gain bullish energy if it passes the $58,500 level of resistance.
- Bitcoin began a wave of recovery above $56,500 to $57,000.
- Price is above the Simple Moving Average of 100 hours and $57,000.
- The hourly BTC/USD chart shows a connective bullish line with a support level of $57,200. (Data feed by Kraken).
- This pair could start another increase over the resistance level of $58,500.
Bitcoin Price Aims Higher
Bitcoin Price started at a recovery wave Above the $56,500 Level. BTC has even gone above the $57,500 mark. Bears have been active again near $58,500.
The price has now settled into a narrow range after forming a high at $58,200. The price also reached the Fib 23.6% retracement of the move upward from the swing low $54,955 to the high $58,200. Above $57,000, the bulls appear to be in full force.
Bitcoin is currently trading at a price of $57,200. 100 hourly Simple moving average. On the hourly BTC/USD chart, there is also an overlapping bullish trendline with support of $57200. The $58,200 mark is the immediate resistance to the upside.
Near the level of $58,500, we find our first major resistance. The next session could see a good increase if the market moves above $58,500. The next Key resistance might be $59200. If the price closes above $59,200 then it could start a gradual increase. The price may rise in the case stated and reach the resistance of $60,000. It may be hard to make any more gains.
BTC to decline again?
Bitcoin could begin a new decline if it fails to rise above the $58,500 zone of resistance. The immediate support for Bitcoin’s downside is around the $57,400 level.
The trendline and $57200 are the first two major supports. The first major support is $57,200 and the trendline. next The support level is currently near $56,200, which coincides with the 61.8% Fib Retracement Level of the upswing from the $54,955 low swing to the $58,200 peak. If the market continues to fall, the price could soon reach the $55,000 level of support.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $57,200, followed by $56,200.
Major Resistance Levels – $58,200, and $58,500.
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Source: www.newsbtc.com