Bitcoin started a fresh increase above $57,000 against the US Dollar. BTC could extend recovery and it might revisit the $60,000 resistance in the near term.
- Bitcoin started a fresh increase above the $57,000 and $57,500 levels.
- The price is now trading above $57,000 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $54,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $60,000 resistance to continue higher in the near term.
Bitcoin Price is Back above 100 SMA
Bitcoin price found support near the $53,500 level and started a fresh increase. BTC broke the $55,000 resistance zone to start a decent recovery wave.
There was a break above a key bearish trend line with resistance near $54,800 on the hourly chart of the BTC/USD pair. Besides, the pair surpassed the 50% Fib retracement level of the downward move from the $59,376 swing high to $53,576 swing low.
It is now trading above $57,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $58,000 level. It is near the 76.4% Fib retracement level of the downward move from the $59,376 swing high to $53,576 swing low.
The next key resistance is near the $58,500 level. A close above the $58,000 and $58,500 levels may possibly push the price towards $60,000. If there is a close above the $60,000 level, the price could accelerate higher.
Source: BTCUSD on TradingView.com
The next major resistance sits near the $61,200 level. Any more gains could lead the price towards the $62,000 level in the near term.
Fresh Decline In BTC?
If bitcoin fails to clear the $58,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $57,200 level.
The first major support is now forming near the $56,500 level. The next major support is near the $56,000 level and the 100 hourly SMA, below which the price could resume its decline towards the $55,000 support. Any more losses may possibly push the price towards $53,500.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the overbought zone.
Major Support Levels – $57,000, followed by $56,500.
Major Resistance Levels – $58,000, $58,500 and $60,000.
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Author: Aayush Jindal