Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price started a fresh increase above the $56,500 resistance zone against the US Dollar. BTC is now approaching a major break, with a major hurdle near $60,000.
- Bitcoin is showing positive signs above the $56,500 and $58,000 resistance levels.
- The price is now trading well above $58,000 and the 100 simple moving average (4-hours).
- There is a major contracting triangle forming with resistance near $60,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to accelerate higher once it clears the $60,000 resistance zone in the near term.
Bitcoin Price Turns Green
This past week, bitcoin price settled above the key $55,000 pivot level against the US Dollar. The BTC/USD pair formed a base above $55,000 and recently started a fresh increase.
It climbed above the $56,500 resistance zone and settled well above the 100 simple moving average (4-hours). However, the upward move was limited, considering the recent surge in ethereum above $3,500.
BTC cleared the $58,000 resistance and it even spiked above the $59,000 level. A high is formed near $59,566 before the price started a downside correction. It is now trading below the $59,000 level. There was a break below the 23.6% Fib retracement level of the upward move from the $56,859 swing low to $59,566 high.
Source: BTCUSD on TradingView.com
On the downside, there is a major support forming near the $58,000 zone. The 50% 23.6% Fib retracement level of the upward move from the $56,859 swing low to $59,566 high is also near the $58,200 zone.
On the upside, an initial resistance is near the $59,500 level. The main hurdle is near the $60,000 level. There is also a major contracting triangle forming with resistance near $60,000 on the 4-hours chart of the BTC/USD pair. A successful close above the $59,500 and $60,000 resistance levels could open the doors for a strong rally in the coming sessions.
Dips Limited in BTC?
If bitcoin fails above the $60,000 level, there is a risk of a downside correction. The first major support is near the $58,200 level and the triangle trend line zone.
The next major support is near the $57,200 level. Any more losses might call for a fresh drop towards the $55,500 support level.
Technical indicators
4 hours MACD – The MACD for BTC/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Level – $58,000
Major Resistance Level – $60,000
