Bitcoin price surged above the $ 56,000 resistance against the US dollar but could not continue to rise. BTC could correct lower, but the 100-hour SMA is likely to provide support.
- Bitcoin has extended its surge above the $ 55,500 and $ 56,000 resistance levels.
- The price is now trading well above $ 54,000 and the 100-hour simple moving average.
- A major bullish trendline is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with support near USD 54,500.
- The pair could slide towards the USD 53,000 support before extending its rise.
Bitcoin price remains supported
Bitcoin remained stable above the USD 53,000 support zone and extended its uptrend. BTC broke the $ 55,000 resistance level and was well above the 100-hour simple moving average.
The price even rose above the $ 56,000 resistance level. However, the bulls were unable to push the price past the $ 56,500 level. A high is formed near $ 56,490 and the price is now correcting lower. It broke the $ 56,000 and $ 55,800 levels.
Bitcoin almost tested the 23.6% Fib retracement level of the recent bullish wave from $ 47,010 to $ 56,490. A major bullish trendline is also forming on the hourly chart for the BTC / USD pair with support near USD 54,500.
Source: BTCUSD on TradingView.com
If the pair breaks trendline support, it could extend its decline to the $ 53,000 support. The 100 hour simple moving average is near the $ 53,000 zone to act as strong support.
Further losses could require a test of the $ 51,500 support. The 50% Fib retracement level of the recent bullish wave from the low of $ 47,010 to the high of $ 56,490 is also near the $ 51,750 zone.
New rise in BTC?
If Bitcoin stays stable above the 100-hour SMA and $ 53,000 support, it could spike again. Initial resistance to the upside is near the $ 55,500 level.
The next major resistance is near the $ 56,000 level. A successful close above the $ 56,000 resistance zone could set the pace for a short-term move towards the $ 58,000 level.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is just above the 50 level.
Major Support Levels – $ 54,500, followed by $ 53,000.
Main Resistance Levels – $ 55,000, $ 55,500, and $ 56,000.