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.
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.
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.