Bitcoin prolonged its rally above the $55,000 resistance towards the US Greenback. BTC might right decrease, however the bulls may intention extra features in the direction of $60K.
- Bitcoin climbed greater above the $52,000 and $54,000 resistance ranges.
- The worth is now buying and selling above $53,000 and the 100 hourly easy shifting common.
- There’s a connecting bullish pattern line forming with assist close to $53,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might proceed to rise above the $55,500 and $56,500 resistance ranges within the close to time period.
Bitcoin Value Extends Rally
Bitcoin worth began a powerful enhance above the $50,000 resistance. BTC even broke the $52,000 resistance stage and settled above the 100 hourly easy shifting common.
The upward transfer was such that the worth broke the $53,200 resistance. It even spiked above the $55,000 stage. A excessive is fashioned close to $55,770 and the worth is now consolidating features. A direct assist on the draw back is close to the $55,000 stage.
It’s near the 23.6% Fib retracement stage of the upward transfer from the $50,366 swing low to $55,777 excessive. There may be additionally a connecting bullish pattern line forming with assist close to $53,000 on the hourly chart of the BTC/USD pair.
Supply: BTCUSD on TradingView.com
On the upside, an preliminary resistance is close to the $55,500 stage. The primary main resistance is close to the $56,200 stage, above which the worth might speed up greater. The subsequent main resistance for the bulls could presumably be close to the $58,000 stage. Any extra features might set the tempo for a transfer in the direction of the $60,000 stage.
Dips Restricted In BTC?
If bitcoin fails to clear the $56,000 resistance zone, it might begin a contemporary draw back correction. A direct assist on the draw back is close to the $55,000 stage.
The primary main assist is now forming close to the $54,200 stage. The subsequent main assist is close to the $53,000 stage and the pattern line. It’s close to the 50% Fib retracement stage of the upward transfer from the $50,366 swing low to $55,777 excessive. If there’s a break under the pattern line assist, the worth may decline in the direction of the $50,000 stage and the 100 hourly SMA.
Hourly MACD – The MACD remains to be shifting within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is effectively above the 50 stage.
Main Help Ranges – $55,000, adopted by $53,000.
Main Resistance Ranges – $55,500, $56,200 and $58,000.