Bitcoin price remained above the USD 57,650 support zone. BTC is now rising and could aim for a move above the USD 60,000 resistance zone.
- Bitcoin started a recovery wave above the USD 58,500 resistance zone.
- The price is trading below $60,000 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could attempt another rise if it breaks above the $60,000 resistance zone.
Bitcoin price looks set for another surge
Bitcoin price started a downward correction below the USD 60,000 level. BTC fell below the USD 59,500 and USD 58,000 levels and entered a short-term bearish zone. A low was formed at $57,690 and the price recently started a recovery wave.
There was a move above the USD 58,000 and USD 58,500 levels. The price climbed above the 50% Fib retracement level of the downward move from the $61,800 swing high to the $57,690 swing low.
Bitcoin price is now trading below $60,000 and the 100 Hourly Simple Moving Average. On the upside, the price could encounter resistance around the USD 60,000 level. A connecting bearish trendline is also forming with resistance at $60,000 on the hourly chart of the BTC/USD pair.
The first major resistance is around the $60,250 level. It is close to the 61.8% Fib retracement level of the downward move from the $61,800 swing high to the $57,690 swing low. A clear move above the USD 60,250 resistance could push the price further higher in the coming sessions. The next major resistance could be $61,200.
The next big hurdle is at $62,500. A close above the $62,500 resistance could provide more upside. In the mentioned case, the price could rise and test the USD 64,200 resistance.
Another drop in BTC?
If Bitcoin fails to rise above the $60,000 resistance zone, it could trigger another decline. The immediate downside support is near the USD 58,800 level.
The first major support is at $57,650. The next support is now near the $57,000 zone. Any further losses could send the price towards the $55,500 support zone or even $55,000 in the near 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 58,500, followed by USD 57,650.
Major resistance levels – $60,000 and $60,250.