Bitcoin prolonged its rally above the $55,000 resistance in opposition to the US Dollar. BTC might appropriate decrease, however the bulls would possibly intention extra positive aspects in the direction of $60K.
- Bitcoin climbed larger above the $52,000 and $54,000 resistance ranges.
- The worth is now buying and selling above $53,000 and the 100 hourly easy shifting common.
- There is a connecting bullish development line forming with help close to $53,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might proceed to rise above the $55,500 and $56,500 resistance ranges within the close to time period.
Bitcoin Price Extends Rally
Bitcoin worth began a powerful enhance above the $50,000 resistance. BTC even broke the $52,000 resistance degree and settled above the 100 hourly easy shifting common.
The upward transfer was such that the value broke the $53,200 resistance. It even spiked above the $55,000 degree. A excessive is shaped close to $55,770 and the value is now consolidating positive aspects. An rapid help on the draw back is close to the $55,000 degree.
It is shut to the 23.6% Fib retracement degree of the upward transfer from the $50,366 swing low to $55,777 excessive. There is additionally a connecting bullish development line forming with help close to $53,000 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, an preliminary resistance is close to the $55,500 degree. The first main resistance is close to the $56,200 degree, above which the value might speed up larger. The subsequent main resistance for the bulls might probably be close to the $58,000 degree. Any extra positive aspects might set the tempo for a transfer in the direction of the $60,000 degree.
Dips Limited In BTC?
If bitcoin fails to clear the $56,000 resistance zone, it might begin a contemporary draw back correction. An rapid help on the draw back is close to the $55,000 degree.
The first main help is now forming close to the $54,200 degree. The subsequent main help is close to the $53,000 degree and the development line. It is close to the 50% Fib retracement degree of the upward transfer from the $50,366 swing low to $55,777 excessive. If there is a break beneath the development line help, the value would possibly decline in the direction of the $50,000 degree and the 100 hourly SMA.
Technical indicators:
Hourly MACD – The MACD is nonetheless shifting within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is nicely above the 50 degree.
Major Support Levels – $55,000, adopted by $53,000.
Major Resistance Levels – $55,500, $56,200 and $58,000.
