Bitcoin worth rallied additional towards $58,000. BTC is now consolidating features and would possibly quickly try extra features towards the $60,000 resistance.
- Bitcoin worth is consolidating features beneath the $57,500 resistance zone.
- The worth is buying and selling above $56,000 and the 100 hourly Easy transferring common.
- There’s a rising channel forming with resistance close to $57,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may prolong its present rally towards the $60,000 resistance zone.
Bitcoin Worth Faces Contemporary Hurdle
Bitcoin worth prolonged its rally above the $55,000 resistance zone. BTC gained bullish momentum after it broke the $55,500 and $56,000 resistance ranges. There was additionally a spike above the $57,000 resistance zone.
A brand new multi-week excessive is fashioned close to $57,572 and the worth is now consolidating features. There was a minor decline beneath the $57,000 degree, however the worth remains to be above the 23.6% Fib retracement degree of the latest wave from the $50,950 swing low to the $57,572 excessive.
Bitcoin is now buying and selling above $56,000 and the 100 hourly Easy transferring common. Rapid resistance is close to the $57,200 degree. The subsequent key resistance might be $57,500.
Supply: BTCUSD on TradingView.com
There may be additionally a rising channel forming with resistance close to $57,650 on the hourly chart of the BTC/USD pair, above which the worth may rise towards the $58,000 resistance zone. If the bulls stay in motion, the worth may even surpass $58,000 and take a look at $58,800. The primary hurdle for them is seen close to the $60,000 zone.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $57,500 resistance zone, it may begin a draw back correction. Rapid help on the draw back is close to the $56,800 degree.
The primary main help is $56,000. If there’s a shut beneath $56,000, the worth may begin an honest pullback towards the 50% Fib retracement degree of the latest wave from the $50,950 swing low to the $57,572 excessive at $54,250. Any extra losses would possibly ship the worth towards the $53,200 help zone.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 degree.
Main Help Ranges – $56,800, adopted by $56,000.
Main Resistance Ranges – $57,500, $57,650, and $58,000.
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