Bitcoin began a drawback correction from the $57,800 zone versus the United States Dollar. BTC must stay above the 100 hourly SMA to start a fresh increase in the near term.
- Bitcoin fixed lower listed below the $57,000 pivot level.
- The price is now trading above $56,000 and the 100 hourly simple moving average.
- There is a significant bullish pattern line forming with assistance near $55,200 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The pair could start a fresh increase if it clears the $57,000 resistance zone.
Bitcoin Price Remains Supported
Bitcoin rate extended its boost above the $57,000 pivot level. BTC even broke the $57,500 level and settled above the 100 hourly simple moving average.
However, the rate had a hard time to extend gains above the $58,000 level. It traded as high as $57,837 and recently corrected lower. There was a break below the $57,000 level. The rate even increased listed below the $56,000 level and the 100 per hour SMA.
Bitcoin found support near $54,019 and recently started an upward move. It climbed up above the $55,000 level. There was a break above the 50% Fib retracement level of the recent decline from the $57,837 swing high to $54,019 low.
It is now trading above $56,000 and the 100 per hour easy moving average. There is also a major bullish trend line forming with support near $55,200 on the hourly chart of the BTC/USD pair.
On the benefit, the bulls are dealing with resistance is near the $56,350 level. It is near the 61.8% Fib retracement level of the recent decline from the $57,837 swing high to $54,019 low. The initially key resistance is near the $57,000 level and a linking bearish pattern line on the exact same chart.
A clear break above the $57,000 resistance could open the doors for a fresh increase. The next significant resistance sits near the $58,000 level.
Dips Supported In BTC?
If bitcoin fails to clear the $57,000 resistance zone, it could again correct lower. An instant assistance on the disadvantage is near the $56,000 level.
The first major support is now forming near the $55,900 level and the 100 hourly SMA. A drawback break listed below the 100 per hour SMA may press the rate towards the $54,000 assistance zone in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly 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 – $56,000, followed by $55,900.
Major Resistance Levels – $56,350, $57,000 and $58,000.
