Bitcoin value began an honest improve above the $55,500 resistance. BTC is consolidating and may intention for extra positive factors if it clears the $58,000 resistance.
- Bitcoin is rising from the $52,500 help zone.
- The value is buying and selling above $55,500 and the 100 hourly Simple shifting common.
- There was a break above a key bearish development line with resistance at $55,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair is dealing with resistance close to the $58,000 and $58,200 resistance ranges in the close to time period.
Bitcoin Price Starts Recovery
Bitcoin value began an honest improve after it broke the $55,500 resistance zone. BTC gained tempo and was in a position to clear the $56,200 resistance. There was a break above a key bearish development line with resistance at $55,300 on the hourly chart of the BTC/USD pair.
The pair even spiked above the $58,000 resistance zone. A excessive was shaped at $58,050 and the worth is now consolidating positive factors. There was a minor decline under the $57,500 stage. The value dipped under the 23.6% Fib retracement stage of the upward transfer from the $52,569 swing low to the $58,050 excessive.
Bitcoin is now buying and selling above $55,500 and the 100 hourly Simple moving average. On the upside, the worth may face resistance close to the $57,500 stage. The first key resistance is close to the $58,000 stage.
A transparent transfer above the $58,000 resistance may ship the worth additional greater in the approaching classes. The subsequent key resistance may very well be $58,500. An in depth above the $58,500 resistance may spark extra upsides. In the acknowledged case, the worth may rise and check the $60,000 resistance.
Another Decline In BTC?
If Bitcoin fails to rise above the $58,000 resistance zone, it may begin one other decline. Immediate help on the draw back is close to the $56,750 stage.
The first main help is $55,500 or the 50% Fib retracement stage of the upward transfer from the $52,569 swing low to the $58,050 excessive. The subsequent help is now close to the $53,500 zone. Any extra losses may ship the worth towards the $52,600 help in the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $56,750, adopted by $55,500.
Major Resistance Levels – $57,500, and $58,000.
