Bitcoin price remained well supported near the USD 56,000 support zone against the US dollar. BTC is rising and could soon break the important USD 60,000 resistance zone.
- Bitcoin found support above $ 56,000 and started a new surge.
- The price is now trading well above the $ 57,500 level and the 100 hour simple moving average.
- On the hourly chart of the BTC / USD pair (data feed from Kraken) there was a break above a major bearish trendline with resistance near USD 57,900.
- The pair is likely to accelerate higher above the $ 59,500 and $ 60,000 resistance levels.
The Bitcoin price is picking up the pace
Bitcoin corrected lower from the USD 59,500 resistance zone. BTC fell below the USD 58,000 and USD 57,500 support levels. The price was even below the 100 hour simple moving average but remained stable above the $ 56,000 level.
A low was formed near $ 56,306 before the price rose again. There was a pause above the USD 57,000 resistance levels. The bulls erased the 50% fib retracement level of the recent decline from the $ 59,501 high to the $ 56,306 low.
There was also a break above a major bearish trendline with resistance near USD 57,900 on the hourly chart for the BTC / USD pair. The pair is now trading well above the $ 57,500 level and 100 hour simple moving average.
Source: BTCUSD on TradingView.com
It is consolidating above the 76.4% fib retracement level of the recent decline from the high of $ 59,501 to the low of $ 56,306. Immediate resistance is near the $ 59,500 level. A clear break above the USD 59,500 could open the doors for a break above the USD 60,000 resistance. In the case mentioned, the price could rise towards USD 62,000.
Fresh drop in BTC?
If Bitcoin fails to remove the $ 59,500 or $ 60,000 resistance, a downward correction can be initiated. Initial support on the downside is near the USD 58,000 level and the broken trendline.
The first major support is near the $ 57,500 level and the 100 hour SMA below which the price could test $ 56,500. There is also a connecting bullish trendline forming with support near $ 56,500 on the same chart.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 50 level.
Major Support Levels – $ 58,000, followed by $ 57,500.
Main Resistance Levels – $ 59,500, $ 60,000, and $ 62,000.