Bitcoin price rose again above the USD 57,500 resistance against the US dollar. BTC is showing positive signs above $ 58,000 and the 100 hour SMA.
- Bitcoin stayed well bid above the $ 56,000 level and a new spike began.
- The price is now trading above the $ 58,000 level and the 100 hour simple moving average.
- On the hourly chart of the BTC / USD pair (data feed from Kraken) there was a break above a major bearish trendline with resistance near USD 57,100.
- The pair could correct lower but the bulls are likely to remain active near $ 57,800 and $ 57,500.
Bitcoin price turns green
Bitcoin traded as low as $ 55,492 where the bulls took a strong position. As a result, BTC began a fresh surge above the $ 56,500 and $ 57,000 resistance levels.
The price even erased the 50% fib retracement level of the downward move from the $ 59,475 swing high to the $ 55,492 low. There was also a break above a major bearish trendline with resistance near USD 57,100 on the hourly chart of the BTC / USD pair.
It is now trading above the $ 58,000 level and the 100 hour simple moving average. Immediate resistance is near the $ 58,275 level. The 76.4% fib retracement level of the downward move from the $ 59,475 swing high to the $ 55,492 low is also near the $ 58,500 level.
Source: BTCUSD on TradingView.com
A sharp break above the $ 57,275 and $ 58,500 resistance levels could open the doors to further gains. The next major resistance on the upside is near the $ 59,500 level. The main resistance is still near the $ 60,000 zone.
Dips supported in BTC?
Unless Bitcoin rises above $ 58,275 and $ 58,500, a short-term downward correction may occur. An initial downward move is near the $ 57,750 level and the 100-hour simple moving average.
The next major support is near the $ 57,500 level (the most recent breakout zone). If the bulls fail to protect the 100-hour SMA and then $ 57,500, there is a possibility of a steady decline. In that case, the price could drop to the $ 56,500 level in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 50 level.
Major Support Levels – $ 57,750, followed by $ 57,500.
Main Resistance Levels – $ 58,275, $ 58,500, and $ 59,500.
