Bitcoin value is up over 10% and surging towards $58,000. BTC is signaling a powerful upward pattern and would possibly surge towards the $60,000 resistance.
- Bitcoin value is gaining tempo above the $55,000 resistance zone.
- The value is buying and selling above $55,000 and the 100 hourly Simple shifting common.
- There was a break above a serious bearish pattern line with resistance at $51,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might prolong its present rally towards the $60,000 resistance zone.
Bitcoin Price Starts Fresh Surge
Bitcoin value remained well-bid above the $50,500 support zone. A help base was fashioned above the $51,500 degree and the value began a recent rally. BTC gained bullish momentum after it broke the $51,600 and $52,000 resistance ranges.
There was a break above a serious bearish pattern line with resistance at $51,600 on the hourly chart of the BTC/USD pair. The pair surged over 10% and broke many hurdles close to the $55,000 degree. A brand new multi-week excessive is fashioned close to $57,109 and the value is now retreating.
Bitcoin continues to be buying and selling above $55,000 and the 100 hourly Simple moving average. It can be above the 23.6% Fib retracement degree of the latest rally from the $50,950 swing low to the $57,109 excessive.
Source: BTCUSD on TradingView.com
Immediate resistance is close to the $56,800 degree. The subsequent key resistance may very well be $57,000, above which the value might rise towards the $58,000 resistance zone. If the bulls stay in motion, the value might even surpass $58,000 and check $58,800. The predominant hurdle for them is seen close to the $60,000 zone.
Are Dips Limited In BTC?
If Bitcoin fails to rise above the $57,000 resistance zone, it might begin a draw back correction. Immediate help on the draw back is close to the $56,000 degree.
The first main help is $55,600. If there’s a shut beneath $55,600, the value might begin a good pullback towards the 50% Fib retracement degree of the latest rally from the $50,950 swing low to the $57,109 excessive. Any extra losses would possibly ship the value towards the $53,200 help zone.
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 degree.
Major Support Levels – $56,000, adopted by $55,600.
Major Resistance Levels – $57,000, $58,000, and $60,000.
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