Bitcoin’s price has risen above the resistance of $57.500. BTC has now shown positive signs. It could be aiming for $60,000.
- Bitcoin attempts a new increase over the $57,200 zone of support.
- Price is above $57,500. The 100-hour Simple Moving Average.
- The hourly chart for the BTC/USD pairs shows a triangle that is contracting with resistance around $58,500. (Data feed by Kraken)
- In the near-term, the pair may be able to climb further if they clear the resistance levels of $58,500 and $58.650.
Bitcoin could continue to grow in value
The Bitcoin price has started to rise. decent increase After it had broken the $57,000 zone of resistance. BTC managed to surpass the $57,500 barrier. Even the $58,000 zone was cleared by this pair.
The bears are active around the resistance level of $58,500. At $58,450, a new high has been formed and now the price consolidates gains. The price fell below the $58,000 mark. Even the price dropped below the level where the 23.6% Fib Retracement was applied to the upward movement from the $55,550 swing-low to the $58,450 peak.
Bitcoin has now reached a price of $57,500. 100 hourly Simple moving average. The price may face some resistance on the upside near $58,500. A key triangle with a resistance of $58,500 is also developing on the hourly BTC/USD.
Near the level of $58,650, we find our first major resistance. If the resistance level of $58,650 is clearly broken, a gradual increase could begin in the next sessions. The next major resistance might be $59.200. The price could rise further if it closes over the $59200 resistance. The price may rise to test the $60,000 barrier.
One more drop in BTC?
Bitcoin could begin a new decline if it fails to break through the resistance level of $58,500. Support for the immediate downside lies near $57,600.
The major support at $56,650 is the Fib level of 61.8% retracement. This represents the move upward from the swing low $55,550 to the high $58,450. Now, the next major support zone is near the $56,220 area. In the short term, any further losses could send the price towards the $55,550 resistance.
The following are technical indicators.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $57,600, followed by $55,550.
Major Resistance Levels – $58,500, and $58,650.
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Source: www.newsbtc.com
