-

Bitcoin Holds Strong, Here’s Key Resistance Turned Support

Bitcoin prolonged its rally above the $57,000 in opposition to the US Dollar. BTC may proceed to rise if it is above the $56,000 assist zone.

  • Bitcoin is buying and selling in a constructive zone above the $56,000 assist zone.
  • The value is now buying and selling above $56,000 and the 100 hourly easy shifting common.
  • There was a break above a key declining channel with resistance close to $55,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is correcting features, however the bulls may stay lively close to $56,000.

Bitcoin Price Eyes More Upsides

Bitcoin value remained nicely supported above the $55,000 pivot stage. BTC gained tempo and it was above to clear many hurdles close to the $55,500 stage.

There was additionally a break above a key declining channel with resistance close to $55,400 on the hourly chart of the BTC/USD pair. The pair climbed above the $56,000 resistance stage and settled above the 100 hourly easy shifting common.

There was additionally a break above the $57,000 stage and the worth traded as excessive as $57,837. It is now correcting decrease and buying and selling under $57,500.

There was a break under the 23.6% Fib retracement stage of the upward transfer from the $54,396 swing low to $57,837 excessive. On the draw back, an preliminary assist is close to the $56,200 stage. On the upside, the bulls are going through resistance is close to the $57,000 stage.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first key resistance is close to the $57,500 stage. A transparent break above the $57,500 resistance may open the doorways for a good improve. The subsequent main resistance sits close to the $58,500 stage. Any extra features may set the tempo for a transfer in direction of the $59,200 stage.

Dips Supported In BTC?

If bitcoin fails to clear the $57,500 resistance zone, it may appropriate decrease. An fast assist on the draw back is close to the $56,200 stage.

The first main assist is snow forming close to the $56,000 stage. It is close to the 50% Fib retracement stage of the upward transfer from the $54,396 swing low to $57,837 excessive. A draw back break under the $56,000 assist zone may open the doorways for a bigger decline.

Technical indicators:

Hourly MACD – The MACD is slowly gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 stage.

Major Support Levels – $56,200, adopted by $56,000.

Major Resistance Levels – $57,000, $57,500 and $58,500.

Source link

Latest news

SOL Price Prediction: SOL Is Just Below $14; Will We See $15 by Christmas?

Join Our Telegram channel to keep up to date on breaking information protection The current collapse of the FTX platform,...

Bitcoin Hits $17,000, But Is It Too Early To Call The All Clear?

Bitcoin is retracing its current week losses, and it’s about to reclaim the help misplaced through the FTX debacle....

GMX Price Prediction as GMX Token Surges Towards Record Highs Above $50

Join Our Telegram channel to keep up to date on breaking information protection GMX, the token that powers the Decentralized...

Biggest Crypto Gainers Today – December 1st

Join Our Telegram channel to keep up to date on breaking information protection A number of currencies present useful alternatives...
- Advertisement -spot_img

CAKE Coils Up Before A Run-up To $4.30

Join Our Telegram channel to keep up to date on breaking information protection Ever since PancakeSwap (CAKE) hit an all-time...

Bitcoin Could Reach Near $18,000 If It Breaches This Resistance

Bitcoin’s worth will increase have introduced some sunshine to the cryptocurrency sector. Each of CoinGecko’s three timeframes—each day, weekly,...

Must read

SOL Price Prediction: SOL Is Just Below $14; Will We See $15 by Christmas?

Join Our Telegram channel to keep up to date...

Bitcoin Hits $17,000, But Is It Too Early To Call The All Clear?

Bitcoin is retracing its current week losses, and it’s...
- Advertisement -spot_imgspot_img

You might also likeRELATED
Recommended to you