• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Bitcoin
Sensei Inu Logo

TA: Why Bitcoin Looks Set For A Massive Bullish Break above $60K

Aayush Jindal by Aayush Jindal
2 years ago
in BTC
Reading Time: 2 mins read

Bitcoin price is consolidating gains above the $58,000 resistance against the US Dollar. BTC is likely to surge above the $59,500 and $60,000 resistance levels in the near term.

  • Bitcoin is showing a lot of bullish signs, but it is still below the $60,000 resistance zone.
  • The price is trading nicely above the $58,000 support and the 100 hourly simple moving average.
  • There is a crucial contracting triangle forming with resistance near $59,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong increase once it clears the $59,200 and $59,500 levels.

Bitcoin Price is Likely to Rally Soon

Bitcoin failed to settle above the $59,500 resistance and recently started a downside correction. BTC broke the $59,000 level and it even traded below the $58,500 support.

However, the bulls were active near the $58,000 support and the 100 hourly simple moving average. A low is formed near $57,922 and it seems like the price is trading in a contracting range. It has already recovered above the $58,500 level.

There was a break above the 50% Fib retracement level of the recent decline from the $59,650 high to $57,922 low. Bitcoin is now facing resistance near the $59,200 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

It seems like there is a crucial contracting triangle forming with resistance near $59,200 on the hourly chart of the BTC/USD pair. The triangle resistance is near the 61.8% Fib retracement level of the recent decline from the $59,650 high to $57,922 low.

A successful break above the triangle resistance could open the doors for a massive bullish wave. The next major resistance is near the $59,500 zone, above which the price is likely to rally above $60,000.

Dips Limited in BTC?

If bitcoin fails to climb above $59,200 and $60,000, there could be a downside correction. The first major support on the downside is near the $58,500 level.

The next major support is near the $58,350 level, the 100 hourly SMA, and the triangle trend line. If there is a downside break below the triangle support, the price could dive towards $56,500.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level.

Major Support Levels – $58,500, followed by $58,350.

Major Resistance Levels – $59,200, $59,500 and $60,000.

Tags: bitcoinbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

Related Posts

Bitcoin Price

Bitcoin Bulls Keep Pushing But Faces Rejection, 100 SMA Is The Key

11 hours ago
Bitcoin price bull

Crypto Analyst Predicts Huge Double-Digit Breakout For Bitcoin Price

20 hours ago
Bitcoin

Bitcoin Price Could See Recovery If It Holds This Key Support

1 day ago
Bitcoin Price BTC

Bitcoin Price Turns Vulnerable As Indicators Point To More Weakness

2 days ago
Bitcoin

Bitcoin Price Grinds Lower And Seems Like Bears Are Not Done Yet

3 days ago
Bitcoin

Bitcoin Price Hints At Potential Correction, Buy The Dip?

6 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • The Rise of Bitcoin Spark: How It Challenges the Dominance...

    2 hours ago
  • Microsoft AI Picks Tradecurve Markets (TCRV), Terra Classic...

    3 hours ago
  • Bulls Are All In For Everlodge (ELDG), Why Are Litecoin...

    3 hours ago
  • Discover Tradecurve Markets (TCRV): The Solution to Stellar...

    4 hours ago
  • Index CFDs: Experts Have Conducted A Comprehensive Study In...

    5 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.