Bitcoin stayed strong above the $54,000 level versus the United States Dollar. BTC started a fresh increase and it could rally above $58,500 and $59,500.
- Bitcoin began a fresh boost and it broke the $58,000 level.
- The price is now trading above $57,500 and the 100 hourly simple moving average.
- There was a break above a crucial bearish pattern line with resistance near $56,500 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The pair could accelerate higher towards the $60,000 level in the near term.
Bitcoin Price Gains Pace
Bitcoin rate discovered assistance near the $54,000 level and began a fresh boost. BTC broke the key $57,000 resistance zone to enter again into a positive zone.
There was a break above a crucial bearish pattern line with resistance near $56,500 on the per hour chart of the BTC/USD set. The pair accelerated higher above the $57,500 level and the 100 hourly simple moving average.
Bitcoin went beyond the 76.4% Fib retracement level of the crucial drop from the $57,835 swing high to $54,020 low. It opened the doors for a fresh high above the $58,000 level. The price is now accelerating higher above the $58,000 level.
On the advantage, a preliminary resistance is near the $58,750 level. It is near the 1.236 Fib extension level of the key drop from the $57,835 swing high to $54,020 low. The initially crucial resistance is near the $59,000 level. A clear break above the $59,000 resistance could open the doors for more upsides.
The next significant resistance sits near the $60,000 level. An intermediate hurdle for the bulls may possibly be near the $59,500 level.
Dips Supported In BTC?
If bitcoin stops working to clear the $59,000 resistance zone, it could begin a disadvantage correction. An immediate support on the downside is near the $58,000 level.
The initially significant assistance is now forming near the $57,800 level (the current breakout zone). A downside break below the $57,800 level could set the pace for a downside correction. The next significant assistance is now near the $56,500 level and the 100 per hour SMA.
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 – $57,800, followed by $56,500.
Major Resistance Levels – $58,750, $59,000 and $60,000.
