Bitcoin price extended its upward trajectory above the $ 59,000 zone against the US dollar. BTC is showing positive signs and is likely to accelerate further in the short term.
- Bitcoin is rising steadily and is likely to break the USD 60,000 resistance zone.
- The price is now well above the $ 57,000 support 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 some bullish patterns near $ 57,600 and $ 58,600.
- The pair could break in the short term, but the bulls are likely to remain active above $ 57,500.
Bitcoin price signaling upward acceleration
After Bitcoin settled above the USD 57,000 resistance zone, Bitcoin extended its surge. BTC has broken the $ 58,000 and $ 58,500 resistance levels to move further into a bullish zone.
During the spike, there was a break over a couple of bullish patterns near $ 57,600 and $ 58,600 on the hourly chart of the BTC / USD pair. The pair even broke the USD 59,000 resistance and was well above the 100-hour simple moving average.
A high is being formed near $ 59,399 and the price is currently consolidating gains. It corrected below the 23.6% Fib retracement level of the move up from the $ 57,079 swing low to the $ 59,399 high.
Source: BTCUSD on TradingView.com
On the flip side, the $ 58,500 level should provide decent support. The 50% Fib retracement level of the move up from the $ 57,079 low to the $ 59,399 high is also near $ 58,250. On the upside, the $ 59,250 zone is a short-term hurdle.
The first major resistance is near the USD 59,500 level. A significant break above the $ 59,500 level could increase the likelihood of accelerating above the $ 60,000 zone in the upcoming sessions.
Dips supported in BTC?
If Bitcoin doesn’t rise above $ 59,250 and $ 59,500, a downside correction may occur. As mentioned earlier, the $ 58,500 level is a decent support zone.
The next big support is near the $ 58,000 level. Further losses could require a move towards the USD 57,000 support zone and a major bullish trendline on the same chart in the short term.
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is well above the 50 level.
Major Support Levels – $ 58,500, followed by $ 58,000.
Main Resistance Levels – $ 59,250, $ 59,500, and $ 60,000.