Bitcoin price started a decent rise above the USD 57,500 resistance. BTC is now showing positive signs and could aim for a move towards $60,000.
- Bitcoin attempts another surge above the $57,000 support zone.
- The price is trading above USD 57,200 and the 100 hourly Simple Moving Average.
- There was a break above a short-term descending channel with resistance at $56,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it overcomes the USD 58,500 and USD 58,800 resistance levels in the near term.
Bitcoin price has more advantages
Bitcoin price started to rise significantly after breaking the USD 56,200 resistance zone. BTC was able to climb above the USD 57,000 resistance. There was also a break above a short-term descending channel with resistance at $56,650 on the hourly chart of the BTC/USD pair.
The pair even managed to break through the $58,000 resistance zone. It traded as high as $58,450 and is currently consolidating gains. It is positioned above the 23.6% Fib retracement level of the upward move from the $55,548 swing low to the $58,450 high.
Bitcoin is now trading above $57,200 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 58,500 level.
The first major resistance is near the $58,800 level. A clear move above the USD 58,800 resistance could trigger a steady rise in the coming sessions. The next major resistance could be at USD 59,500. A close above the $59,500 resistance could provide more upside. In the mentioned case, the price could rise and test the USD 60,000 resistance.
Another dip in BTC?
If Bitcoin fails to rise above the USD 58,500 resistance zone, it could trigger another decline. The immediate downside support is near the USD 57,500 level.
The first major support is $57,000 or the 50% Fib retracement level of the upward move from the $55,548 swing low to the $58,450 high. The next support is now near the $56,000 zone. Any further losses could send the price towards the USD 55,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 57,000, followed by USD 56,000.
Major resistance levels – $58,500 and $58,800.