Bitcoin worth rose once more in opposition to the US greenback above the USD 55,000 resistance zone. BTC examined $ 58,500 and stays elevated for a transfer towards the $ 60,000 zone.
- Bitcoin is displaying constructive indicators and not too long ago examined the USD 58,500 resistance zone.
- The value is now buying and selling properly above $ 55,000 and the straightforward shifting common of 100 (Four hours).
- A serious bullish trendline is forming on the 4-hour chart of the BTC / USD pair (information feed from Kraken) with assist close to USD 55,400.
- The pair might right losses however is more likely to start a gradual spike in direction of the $ 60,000 degree.
Bitcoin worth is gaining traction
For the previous week, Bitcoin worth remained steady above the USD 52,500 assist zone in opposition to the US greenback. The BTC / USD pair noticed a gradual spike and broke some key hurdles close to $ 55,000.
The value even broke the $ 56,500 resistance and prolonged its surge. There was a spike above the $ 58,000 degree, however the worth struggled close to the $ 58,500 zone. A excessive is fashioned close to $ 58,494 and the worth is now correcting decrease.
It was buying and selling under the $ 57,500 degree. There was a break under the Fib retracement degree of 23.6% within the transfer up from the low of $ 52,489 to the excessive of $ 58,494. On the draw back, huge assist is forming close to the $ 55,500 zone.
A serious bullish trendline can be forming on the 4-hour chart of the BTC / USD pair with assist close to USD 55,400. The trendline is near the 50% fib retracement degree of the transfer up from the low of $ 52,489 to the excessive of $ 58,494.
Supply: BTCUSD on TradingView.com
On the draw back, the worth faces sturdy resistance close to the USD 58,000 and USD 58,500 ranges. A profitable shut above the USD 58,000 and USD 58,500 resistance ranges might open the doorways for one more transfer in direction of the USD 60,000 barrier.
Dips Restricted in BTC?
If Bitcoin defaults above the $ 58,000 degree, there’s a threat of a downward correction. The primary main assist is close to the USD 55,500 degree and the trendline zone.
The following huge assist is close to the $ 55,000 and 100 SMA ranges. Additional losses might require an additional drop to the $ 52,500 assist degree.
Technical indicators
Four hours MACD – The MACD for BTC / USD is dropping momentum within the bullish zone.
Four hour RSI (Relative Energy Index) – The RSI for BTC / USD is now properly above the 50 degree.
Most important assist tier – $ 55,500
Most important Resistance Stage – $ 58,500
