Bitcoin worth gained tempo and it cleared the $55,000 resistance zone in opposition to the US Greenback. BTC is displaying optimistic indicators and it’s more likely to speed up larger above $56,500.
- Bitcoin began a good improve it settled properly above the $53,000 resistance.
- The value is now buying and selling nicely above $54,000 and the 100 hourly easy shifting common.
- There’s a short-term rising channel forming with resistance close to $55,850 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair is more likely to proceed larger above the $56,000 and $56,500 resistance ranges.
Bitcoin Value Stays Bullish
Bitcoin fashioned a robust help base above the $53,000 stage and it prolonged beneficial properties. BTC even broke the principle $55,000 resistance zone and settled nicely above the 100 hourly easy shifting common.
There was additionally a push above the $55,500 stage and the worth traded as excessive as $55,782. It’s now consolidating beneficial properties nicely above the $55,000 stage. There appears to be a short-term rising channel forming with resistance close to $55,850 on the hourly chart of the BTC/USD pair.
Supply: BTCUSD on TradingView.com
If there may be an upside break above the channel resistance, the worth may proceed to rise in the direction of the $56,500 and $57,000 ranges. The subsequent main resistance is close to the $58,000 stage, above which the worth may speed up larger in the direction of the $60,000 stage.
Dips Restricted in BTC?
If bitcoin fails to clear the $56,000 and $56,500 resistance ranges, it may begin a draw back correction. A direct help on the draw back is close to the $55,200 stage.
The primary key help is close to the $55,000 stage and the channel decrease pattern line. The 23.6% Fib retracement stage of the latest upward transfer from the $47,000 swing low to $55,782 excessive can be close to the $53,700 stage.
If there are extra losses, the worth may slide in the direction of the $52,000 help and 100 hourly easy shifting common. The 50% Fib retracement stage of the latest upward transfer from the $47,000 swing low to $55,782 excessive can be positioned close to the $51,500 zone to supply help if there may be an prolonged decline.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now nicely above the 50 stage.
Main Assist Ranges – $55,000, adopted by $53,000.
Main Resistance Ranges – $56,000, $58,000 and $60,000.
