Bitcoin has remained strong above the $ 54,000 level against the US dollar. BTC has started a further increase and could exceed $ 58,500 and $ 59,500.
- Bitcoin started a further rise and it broke through the $ 58,000 level.
- The price is now trading above $ 57,500 and the 100 hour simple moving average.
- There was a break above a key downtrend line with resistance near $ 56,500 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair could accelerate higher towards the $ 60,000 level in the near term.
Bitcoin price gaining pace
The price of Bitcoin found support near the $ 54,000 level and began to rise again. BTC broke through the key resistance zone of $ 57,000 to re-enter a positive zone.
There was a break above a key downtrend line with resistance near $ 56,500 on the hourly chart of the BTC / USD pair. The pair accelerated above the $ 57,500 level and the 100-hour simple moving average.
Bitcoin broke the 76.4% Fib retracement level of the key decline from a high of $ 57,835 to a low of $ 54,020. This opened the doors to a new high above the $ 58,000 level. The price is now accelerating above the $ 58,000 level.
On the upside, initial resistance is near the $ 58,750 level. It is near the 1.236 Fib extension level of the key decline, moving from a high of $ 57,835 to a low of $ 54,020. The first key resistance is near the $ 59,000 level. A clear break above the resistance of $ 59,000 could open the door to further benefits.
Source: BTCUSD on TradingView.com
The next major resistance is near the $ 60,000 level. An intermediate hurdle for the bulls could be near the $ 59,500 level.
Dips supported in BTC?
If bitcoin fails to clear the $ 59,000 resistance zone, it could trigger a downward correction. Immediate downside support is near the $ 58,000 level.
First major support is now forming near the $ 57,800 level (the recent breakout area). A break down below the $ 57,800 level could set the tone for a downward correction. The next major support is now near the $ 56,500 level and the 100 hour SMA.
Hourly MACD – The MACD is now accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now above the 50 level.
Major Support Levels – $ 57,800, followed by $ 56,500.
Major Resistance Levels – $ 58,750, $ 59,000 and $ 60,000.