Bitcoin is showing positive signs above $54,000 against the US Dollar. BTC might speed up greater if there is a clear break above the $56,000 resistance zone.
- Bitcoin remains well supported above the $54,500 level.
- The rate is now trading above $55,000 and the 100 per hour easy moving average.
- There is a key declining channel forming with resistance near $55,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The set might begin a fresh rally if there is a clear break above the $56,000 resistance.
Bitcoin Price Remains In Uptrend
Bitcoin price remained in a positive zone and climbed above the $55,000 resistance. BTC even broke the $56,000 resistance level and settled above the 100 per hour easy moving average.
However, the price failed to gain strength above the $56,000 zone. A high was formed near $56,500 prior to there was a disadvantage correction. The price corrected lower below the $56,000 level. The rate even traded listed below the $55,000 level and surged listed below the 100 per hour SMA.
Bitcoin found support near $54,500 and a low was formed at $54,396. The rate is now increasing and it is trading above the $55,500 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $56,500 swing high to $54,396 low.
It is now dealing with resistance near the $55,500 level. There is also a key declining channel forming with resistance near $55,650 on the hourly chart of the BTC/USD pair. The channel resistance is close to the 50% Fib retracement level of the current decrease from the $56,500 swing high to $54,396 low.
The main resistance is forming near the $56,000 zone, above which the price could accelerate higher. The next significant resistance sits near the $57,200 level. Any more gains could set the pace for a move towards the $58,000 level.
Dips Supported In BTC?
If bitcoin stops working to clear the $56,000 resistance zone, it might remedy lower. An immediate support on the downside is near the $55,000 level.
The initially significant assistance is now forming near the $54,500 level. The next major support is near the $54,000 level, below which there is a risk of a larger decline.
Technical signs:
Hourly MACD – The MACD is gradually acquiring speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $54,500, followed by $54,000.
Major Resistance Levels – $55,500, $55,650 and $56,000.
