Kultejas News
Crypto News

TA: Bitcoin shows signs of rally, here’s what the trigger could be more upside

The price of bitcoin plummeted and crossed the $ 56,550 resistance zone against the US dollar. If close to $ 58,000 and 100 hourly SMA the BTC rally is likely.

  • Bitcoin remained strong above $ 54,000 and climbed above $ 56,550
  • The price now faces resistance to the $ 57,500 level and a 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 trend line with resistance near $ 56,800.
  • If there is a pair above the $ 58,000 and 100 hourly SMA, then this pair could start a strong rise.

Bitcoin price reduces recovery

Bitcoin declined sharply after failing to test the $ 60,000 resistance. BTC broke the support levels of $ 57,500 and $ 55,500. However, it received support near $ 53,500 and recently launched a new increase.

There was a good recovery wave above the $ 55,000 and $ 56,000 levels. Cleared the 50% fib retracement level of the major decline to reduce the price from a $ 59,500 swing to a $ 53,460 swing. There was also a break above a major bearish trend line with resistance near $ 56,800 on the hourly chart of the BTC / USD pair.

The pair now faces resistance to the $ 57,500 level and a 100-hour simple moving average. It is also stuck near the 61.8% Fib retracement level of the major decline to a $ 59,500 swing high to a $ 53,460 swing low.

Bitcoin price

Source: BTCUSD on TradingView.com

To initiate a strong surge, bitcoin would have to clear the $ 57,500 barrier and the 100 hourly SMA. The next immediate resistance is near $ 58,000, above which the price may exceed the $ 59,500 level. The main resistance is still near the $ 60,000 area.

Fresh fall in BTC?

If bitcoin fails to clear $ 57,500 resistance or $ 58,000, it could start a new decline. On the downside, initial support is near the $ 56,500 level.

A negative pause below the $ 56,500 support area could lead to a pivot level of $ 54,850. The $ 53,500 support area could suffer more damage to the new trial in the near term.

Technical Indicators:

Hourly MACD – MACD is gradually gaining momentum in the fast zone.

Hourly RSI (Relative Strength Index) – The RSI is now above the 50 level for BTC / USD.

Major support level – $ 56,500, followed by $ 54,850.

Major resistance levels – $ 57,500, $ 58,000 and $ 59,500.

Source link

How to Buy Bitcoin, Dogecoin, Ethereum in India? CLICK HERE

Related posts

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

x