Bitcoin value surged above the $ 56,000 resistance in opposition to the US greenback however couldn’t proceed to rise. BTC might right decrease, however the 100-hour SMA is probably going to offer help.
- Bitcoin has prolonged its surge above the $ 55,500 and $ 56,000 resistance ranges.
- The worth is now buying and selling properly above $ 54,000 and the 100 hour easy shifting common.
- A serious bullish trendline is forming on the hourly chart of the BTC / USD pair (information feed from Kraken) with help close to USD 54,500.
- The pair might slide in direction of the USD 53,000 help earlier than extending its rise.
Bitcoin value stays supported
Bitcoin remained secure above the USD 53,000 help zone and prolonged its uptrend. BTC broke the $ 55,000 resistance degree and was properly above the 100-hour easy shifting common.
The worth even surged above the $ 56,000 resistance degree. Nonetheless, the bulls had been unable to push the worth previous the $ 56,500 degree. A excessive is shaped close to $ 56,490 and the worth is now correcting decrease. It broke the $ 56,000 and $ 55,800 ranges.
Bitcoin virtually examined the 23.6% Fib retracement degree of the latest bullish wave from $ 47,010 to $ 56,490. A serious bullish trendline can be forming on the hourly chart for the BTC / USD pair with help close to USD 54,500.
Supply: BTCUSD on TradingView.com
If the pair breaks trendline help, it might prolong its decline to the $ 53,000 help. The 100 hour easy shifting common is close to the $ 53,000 zone to offer robust help.
Additional losses might require a take a look at of the $ 51,500 help. The 50% Fib retracement degree of the latest bullish wave from the low of $ 47,010 to the excessive of $ 56,490 can be close to the $ 51,750 zone.
New rise in BTC?
If Bitcoin stays secure above the 100-hour SMA and $ 53,000 help, it might see one other spike. Preliminary resistance to the upside is close to the $ 55,500 degree.
The subsequent main resistance is close to the $ 56,000 degree. A profitable shut above the $ 56,000 resistance zone might set the tempo for a short-term transfer in direction of the $ 58,000 degree.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC / USD is simply above the 50 degree.
Main Assist Ranges – $ 54,500, adopted by $ 53,000.
Major Resistance Ranges – $ 55,000, $ 55,500, and $ 56,000.
