TA: Bitcoin Price Breaks Hurdle, Here’s Why Bulls Could Aim $58K

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price gained pace and it cleared the $53,000 resistance zone against the US Dollar. BTC is consolidating and it seems ready for more gains above $54,000.

Bitcoin remained well bid and it was able to clear the $53,000 resistance.
The price is now trading well above $52,000 and the 100 hourly simple moving average.
There is a key contracting triangle forming with resistance near $54,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue higher above the $54,000 and $54,500 resistance levels.

Bitcoin Price is Gaining Pace

Bitcoin remained well supported above the $51,000 level and it managed to extend gains. BTC gained bullish momentum above the $52,000 resistance and the 100 hourly simple moving average.

It even cleared the $53,000 and $53,500 resistance levels. A high is formed near $54,455 and the price is now consolidating gains. It already tested the $53,000 support level. The 23.6% Fib retracement level of the recent wave from the $47,010 swing low to $54,455 high is acting as a support.

It seems like there is a key contracting triangle forming with resistance near $54,000 on the hourly chart of the BTC/USD pair. The pair is now trading well above $52,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

If there is a clear break above the $54,000 resistance zone, the price is likely to accelerate higher. The next key resistance is near the $54,500 level, above which the doors could open for a run up towards the $58,000 barrier in the near term.

Dips Limited in BTC?

If bitcoin fails to clear the $54,500 and $55,000 resistance levels, it could start a downside correction. An immediate support on the downside is near the $53,000 level.

The first key support is near the $51,250 level. The 50% Fib retracement level of the recent wave from the $47,010 swing low to $54,455 high is also near the $50,700 level to act as a support. Moreover, the 100 hourly simple moving average is at $50,500 to act as a strong support in the near term.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 55 level.

Major Support Levels – $53,000, followed by $51,250.

Major Resistance Levels – $54,500, $55,000 and $58,000.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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