Bitcoin value is consolidating close to the $57,500 zone. BTC may acquire bullish momentum if it clears the $58,000 resistance zone within the close to time period.
- Bitcoin began a restoration wave above the $55,500 and $56,500 ranges.
- The value is buying and selling above $57,000 and the 100 hourly Simple shifting common.
- There was a break above a key bearish development line with resistance at $56,850 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair would possibly battle to clear the $58,250 resistance zone.
Bitcoin Price Could Continue Higher
Bitcoin value began a restoration wave above the $53,500 resistance zone. BTC was in a position to clear the $55,500 and $56,500 resistance levels to maneuver right into a short-term constructive zone.
There was a transfer above the 61.8% Fib retracement stage of the important thing drop from the $61,040 swing excessive to the $49,110 swing low. Besides, there was a break above a key bearish development line with resistance at $56,850 on the hourly chart of the BTC/USD pair.
The bulls at the moment are making an attempt extra upsides above $57,500. Bitcoin value is now buying and selling above $57,000 and the 100 hourly Simple moving average. On the upside, the value may face resistance close to the $58,250 stage. It is near the 76.4% Fib retracement stage of the important thing drop from the $61,040 swing excessive to the $49,110 swing low.
The first key resistance is close to the $58,800 stage. A transparent transfer above the $58,800 resistance would possibly ship the value additional increased within the coming periods. The subsequent key resistance may very well be $59,500. The subsequent main hurdle sits at $60,000. An in depth above the $60,000 resistance would possibly spark bullish strikes. In the said case, the value may rise and take a look at the $62,000 resistance.
Another Decline In BTC?
If Bitcoin fails to recuperate above the $58,250 resistance zone, it may begin one other decline. Immediate help on the draw back is close to the $56,400 stage and the 100 hourly SMA.
The first main help is $54,500. The subsequent help is now close to $53,500. Any extra losses would possibly ship the value towards the $52,000 help zone within the close to time period.
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 now above the 50 stage.
Major Support Levels – $56,400, adopted by $54,500.
Major Resistance Levels – $58,250, and $58,800.
