Bitcoin cost started a fresh increase above the $56,500 resistance zone against the US Dollar. BTC is now approaching a major break, with a significant hurdle near $60,000.
- Bitcoin is showing favorable signs above the $56,500 and $58,000 resistance levels.
- The cost is now trading well above $58,000 and the 100 basic moving average (4-hours).
- There is a significant contracting triangle forming with resistance near $60,000 on the 4-hours chart of the BTC/USD set (information feed from Kraken).
- The set is likely to accelerate higher once it clears the $60,000 resistance zone in the near term.
Bitcoin Price Turns Green
This previous week, bitcoin cost settled above the key $55,000 pivot level against the US Dollar. The BTC/USD set formed a base above $55,000 and just recently started a fresh increase.
It climbed above the $56,500 resistance zone and settled well above the 100 easy moving typical (4-hours). Nevertheless, the upward move was limited, thinking about the current rise in ethereum above $3,500.
BTC cleared the $58,000 resistance and it even increased above the $59,000 level. A high is formed near $59,566 before the rate started a drawback correction. It is now trading below the $59,000 level. There was a break below the 23.6% Fib retracement level of the upward relocation from the $56,859 swing low to $59,566 high.
Source: BTCUSD on TradingView.com
On the drawback, there is a significant support forming near the $58,000 zone. The 50% 23.6% Fib retracement level of the upward move from the $56,859 swing low to $59,566 high is likewise near the $58,200 zone.
On the benefit, an initial resistance is near the $59,500 level. The primary difficulty is near the $60,000 level. There is likewise a significant contracting triangle forming with resistance near $60,000 on the 4-hours chart of the BTC/USD set. An effective close above the $59,500 and $60,000 resistance levels could open the doors for a strong rally in the coming sessions.
Dips Limited in BTC?
If bitcoin stops working above the $60,000 level, there is a danger of a downside correction. The very first major assistance is near the $58,200 level and the triangle pattern line zone.
The next major assistance is near the $57,200 level. Any more losses may require a fresh drop towards the $55,500 support level.
4 hours MACD –– The MACD for BTC/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) –– The RSI for BTC/USD is now well above the 50 level.
Significant Support Level –– $58,000
Significant Resistance Level –– $60,000