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Bitcoin price started a decent increase above the $57,500 resistance. BTC is now showing positive signs and might aim for a move toward $60,000.
- Bitcoin is attempting a fresh increase above the $57,000 support zone.
- The price is trading above $57,200 and the 100 hourly Simple moving average.
- There was a break above a short-term declining channel with resistance at $56,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it clears the $58,500 and $58,800 resistance levels in the near term.
Bitcoin Price Eyes More Upsides
Bitcoin price started a decent increase after it broke the $56,200 resistance zone. BTC was able to climb above the $57,000 resistance. There was also a break above a short-term declining channel with resistance at $56,650 on the hourly chart of the BTC/USD pair.
The pair even cleared the $58,000 resistance zone. It traded as high as $58,450 and is currently consolidating gains. It is positioned above the 23.6% Fib retracement level of the upward move from the $55,548 swing low to the $58,450 high.
Bitcoin is now trading above $57,200 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $58,500 level.
The first key resistance is near the $58,800 level. A clear move above the $58,800 resistance might start a steady increase in the coming sessions. The next key resistance could be $59,500. A close above the $59,500 resistance might spark more upsides. In the stated case, the price could rise and test the $60,000 resistance.
Another Dip In BTC?
If Bitcoin fails to rise above the $58,500 resistance zone, it could start another decline. Immediate support on the downside is near the $57,500 level.
The first major support is $57,000 or the 50% Fib retracement level of the upward move from the $55,548 swing low to the $58,450 high. The next support is now near the $56,000 zone. Any more losses might send the price toward the $55,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $57,000, followed by $56,000.
Major Resistance Levels – $58,500, and $58,800.
