June 14, 2021

TA: Bitcoin Holds Strong, Why BTC Could Soon Rally To $60K

2 min read

Bitcoin cost extended its increase above the $58,000 resistance against the US Dollar. BTC is now correcting gains, with however it is most likely to remain well bid near $56,750 and $56,500.

  • Bitcoin got rate above the $57,500 and $58,000 resistance levels before remedying lower.
  • The rate is now well above the $55,000 support and the 100 hourly basic moving average.
  • There is a crucial bullish flag pattern forming with resistance near $57,700 on the per hour chart of the BTC/USD set (data feed from Kraken).
  • The pair is likely to discover a strong purchasing interest near the $56,500 assistance zone in the near term.

Bitcoin Price Eyes More Upsides

After surpassing the $57,000 resistance, bitcoin extended its rise. BTC broke the $58,000 resistance level and settled perfectly above the 100 hourly basic moving average.

It even rose towards the $58,500 level and traded to a new weekly high at $58,615. It is now remedying lower and trading below the $58,000 level. There was also a break listed below the 23.6% Fib retracement level of the upward wave from the $54,950 swing low to $58,615 high.

It seems like there is an essential bullish flag pattern forming with resistance near $57,700 on the hourly chart of the BTC/USD pair. The channel support is near the $56,800 level.

Bitcoin Price

 Source: BTCUSD on TradingView.com

The 50% Fib retracement level of the upward wave from the $54,950 swing low to $58,615 high is also near the channel assistance. On the upside, a clear break above the flag resistance near $57,700 could unlock for a fresh boost.

The next key resistance is near the $58,500 level. A convincing break above the $58,500 resistance is likely to set the speed for a relocation towards the $60,000 level.

Down Move in BTC?

If bitcoin stops working to climb up above $57,700 and $58,000, there could be a disadvantage correction. As specified, the $56,500 level is a decent support zone.

The next major assistance is near the $56,000 level and a linking bullish trend line. Any more losses may require a drop towards the $55,000 support zone in the near term.

Technical indicators:

Hourly MACD –– The MACD is gradually losing momentum in the bullish zone.

Per Hour RSI (Relative Strength Index) –– The RSI for BTC/USD is approaching the 50 level.

Significant Support Levels –– $56,500, followed by $56,000.

Significant Resistance Levels –– $57,700, $58,500 and $60,000.