Bitcoin price is showing positive signs above $ 58,500 and $ 59,500 against the US dollar. BTC is likely to rise above $ 61,000 and $ 62,000 in the short term.
- Bitcoin gained bullish momentum above the $ 58,500 and $ 59,200 resistance levels.
- The price is now above the support of $ 60,000 and the simple moving average of 100 (4 hours).
- A short-term bullish continuation pattern is forming on the 4-hour chart of the BTC / USD pair (data feed from Kraken) with resistance near USD 60,300.
- The pair could start a new rally if it hits the $ 60,500 and $ 60,800 levels in the short term.
Bitcoin price wants to make more profits
For the past week, Bitcoin price surged well above the $ 57,500 resistance against the US dollar. The BTC / USD pair broke the USD 58,500 resistance and was above the 100 simple moving average (4 hours).
The pair even climbed above the $ 59,200 level and the key resistance of $ 60,000. However, the bulls struggled to push the price to a new all-time high above $ 61,250. A high has been formed near $ 61,242 and the price is now consolidating gains.
There was a break below the 23.6% fib retracement level of the move up from the low of $ 55,545 to the high of $ 61,242. The price is now consolidating above the $ 60,000 level.
Source: BTCUSD on TradingView.com
There is also a short-term bullish continuation pattern with resistance near USD 60,300 on the 4-hour chart of the BTC / USD pair. If there is an upside break above the $ 60,500 level, there is a possibility of a sharp spike in the upcoming sessions.
The next major resistance is near the $ 61,250 level. A successful rise above the $ 61,250 level could open the doors for a steady rise above $ 62,000 and to a new all-time high in the near future.
Downward pause at BTC?
If Bitcoin breaks above the USD 60,500 support, it risks breaking down. The first major support is near the $ 59,300 and $ 59,200 levels.
The next major support is near the $ 58,500 level. It is near the 50% fib retracement level of the move up from the low of $ 55,545 to the high of $ 61,242. Further losses could require a test of the $ 57,500 level and the 100 simple moving average (4 hours).
4 hours MACD – The MACD for BTC / USD is losing momentum in the bullish zone.
4 hour RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 50 level.
Main support tier – $ 58,500
Main Resistance Level – $ 61,250