Bitcoin rate commenced a refreshing rise higher than the USD 55,000 resistance zone in opposition to the US greenback. BTC tested $ 58,500 and it proceeds to raise for a shift into the $ 60,000 zone.
- Bitcoin is exhibiting optimistic indicators and it lately examined the USD 58,500 resistance zone.
- The price tag is now buying and selling very well above USD 55,000 and the straightforward 100 (4 hours) shifting average.
- A key bullish trendline is forming with support in close proximity to USD 55,400 on the 4-hour chart of the BTC / USD pair (Kraken info feed).
- The pair could suitable losses, but it is very likely to get started a constant rise in the direction of the $ 60,000 stage.
Bitcoin value is gaining traction
For the earlier week, bitcoin selling price has remained secure above the USD 52,500 assist zone from the US dollar. The BTC / USD pair started to increase steadily, breaking some key hurdles in close proximity to USD 55,000.
The price even broke the USD 56,500 resistance and prolonged its rise. There was a spike above the USD 58,000 stage, but the price tag struggled near the USD 58,500 zone. A substantial is forming around USD 58,494 and the rate is now correcting reduced.
It traded down below the USD 57,500 stage. There was a crack down below the 23.6% Fib retracement level of the upward move from the $ 52,489 swing low to the $ 58,494 higher. On the downside, there is a large assistance around the USD 55,500 zone.
A main bullish trendline is also forming with guidance close to $ 55,400 on the 4-hour chart of the BTC / USD pair. The development line is shut to the 50% Fib retracement degree of the upward move from the $ 52,489 swing very low to the $ 58,494 higher.
Resource: BTCUSD on TradingView.com
On the upside, the selling price is dealing with a key resistance around the USD 58,000 and USD 58,500 ranges. A effective close above the USD 58,000 and USD 58,500 resistance amounts could open up the doors for one more rise toward the USD 60,000 barrier.
Dips constrained in BTC?
If bitcoin fails over the USD 58,000 level, there is a chance of a downside correction. The first significant aid is in the vicinity of the USD 55,500 degree and the trendline zone.
The subsequent big help is in the vicinity of the USD 55,000 degree and the 100 SMA. For even far more losses, a new decline toward the USD 52,500 aid stage may perhaps be needed.
4 Hour MACD – The MACD for BTC / USD is dropping momentum in the bullish zone.
4 Hour RSI (Relative Energy Index) – The RSI for BTC / USD is now perfectly earlier mentioned the 50 level.
Significant Aid Degree – USD 55,500
Big Resistance Stage – $ 58,500