Bitcoin worth began a recent enhance above the $55,000 resistance zone towards the US Dollar. BTC examined $58,500 and it stays elevated for a transfer in the direction of the $60,000 zone.
- Bitcoin is displaying constructive indicators and it just lately examined the $58,500 resistance zone.
- The worth is now buying and selling nicely above $55,000 and the 100 easy shifting common (4-hours).
- There is a key bullish development line forming with assist close to $55,400 on the 4-hours chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might right losses, however it’s prone to begin a gentle enhance in the direction of the $60,000 degree.
Bitcoin Price Gains Traction
This previous week, bitcoin worth remained steady above the $52,500 assist zone towards the US Dollar. The BTC/USD pair began a steady increase and it broke a few necessary hurdles close to $55,000.
The worth even broke the $56,500 resistance and prolonged its rise. There was a spike above the $58,000 degree, however the worth struggled close to the $58,500 zone. A excessive is shaped close to $58,494 and the worth is now correcting decrease.
It traded beneath the $57,500 degree. There was a break beneath the 23.6% Fib retracement degree of the upward move from the $52,489 swing low to $58,494 excessive. On the draw back, there’s a main assist forming close to the $55,500 zone.
There can be a key bullish development line forming with assist close to $55,400 on the 4-hours chart of the BTC/USD pair. The development line is near the 50% Fib retracement degree of the upward transfer from the $52,489 swing low to $58,494 excessive.
Source: BTCUSD on TradingView.com
On the upside, the worth is dealing with a serious resistance close to the $58,000 and $58,500 ranges. A profitable shut above the $58,000 and $58,500 resistance ranges might open the doorways for a recent enhance in the direction of the $60,000 barrier.
Dips Limited in BTC?
If bitcoin fails above the $58,000 degree, there’s a danger of a draw back correction. The first main assist is close to the $55,500 degree and the development line zone.
The subsequent main assist is close to the $55,000 degree and the 100 SMA. Any extra losses may name for a recent drop in the direction of the $52,500 assist degree.
Technical indicators
Four hours MACD – The MACD for BTC/USD is shedding momentum within the bullish zone.
Four hours RSI (Relative Strength Index) – The RSI for BTC/USD is now nicely above the 50 degree.
Major Support Level – $55,500
Major Resistance Level – $58,500
