TA: Bitcoin Gains Momentum, Here’s What Could Spark A Major Rally


Bitcoin value gained momentum and settled above the $57,000 degree towards the US Dollar. BTC is prone to break the $58,500 resistance and begin a powerful rally.

  • Bitcoin began a gradual improve and it broke the $56,500 resistance zone.
  • The value is now buying and selling nicely above the $56,000 degree and the 100 hourly easy shifting common.
  • There is a key bullish development line forming with assist close to $56,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may begin a powerful rally if it clears the $58,500 resistance zone within the close to time period.

Bitcoin Price is Gaining Pace

Bitcoin did not clear the $58,500 resistance and corrected decrease. BTC traded under the $57,000 degree, nevertheless it remained nicely above the 100 hourly easy shifting common.

A low was shaped close to $56,112 and the value lately began a recent improve. There was a break above the $56,500 and $57,000 resistance ranges. Bitcoin climbed above the 50% Fib retracement degree of the downward transfer from the $58,550 swing excessive to $56,112 low.

It is now buying and selling nicely above the $56,000 degree and the 100 hourly simple moving average. There can also be a key bullish development line forming with assist close to $56,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The pair is now consolidating simply above the 76.4% Fib retracement degree of the downward transfer from the $58,550 swing excessive to $56,112 low. The first main resistance on the upside is close to the $58,500 degree. A profitable break above the $58,500 may set the tempo for a powerful rally. In the acknowledged case, the primary goal for the bulls might be $60,000. The subsequent key cease for them might probably be $62,000.

Dips Limited in BTC?

If bitcoin fails to clear the $58,500 resistance, it may appropriate decrease as soon as once more. An preliminary assist on the draw back is close to the $57,500 degree.

The first key assist is close to the $57,000 degree and the development line. A draw back break under the development line would possibly name for a take a look at of the $56,000 assist and the 100 hourly easy shifting common.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is nicely above the 50 degree.

Major Support Levels – $57,500, adopted by $57,000.

Major Resistance Levels – $58,500, $60,000 and $62,000.



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