Bitcoin Holds Strong, Here’s Key Resistance Turned Support

Bitcoin prolonged its rally above the $57,000 in opposition to the US Greenback. BTC might proceed to rise whether it is above the $56,000 assist zone.

• Bitcoin is buying and selling in a constructive zone above the $56,000 assist zone.
• The value is now buying and selling above $56,000 and the 100 hourly easy shifting common.
• There was a break above a key declining channel with resistance close to $55,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair is correcting positive factors, however the bulls might stay lively close to $56,000.

Bitcoin Value Eyes Extra Upsides

Bitcoin value remained effectively supported above the $55,000 pivot level. BTC gained tempo and it was above to clear many hurdles close to the $55,500 stage.

There was additionally a break above a key declining channel with resistance close to $55,400 on the hourly chart of the BTC/USD pair. The pair climbed above the $56,000 resistance stage and settled above the 100 hourly simple moving average.

There was additionally a break above the $57,000 stage and the worth traded as excessive as $57,837. It’s now correcting decrease and buying and selling under $57,500.

There was a break under the 23.6% Fib retracement stage of the upward transfer from the $54,396 swing low to $57,837 excessive. On the draw back, an preliminary assist is close to the $56,200 stage. On the upside, the bulls are going through resistance is close to the $57,000 stage.

Supply: BTCUSD on TradingView.com

The primary key resistance is close to the $57,500 stage. A transparent break above the $57,500 resistance might open the doorways for a good improve. The following main resistance sits close to the $58,500 stage. Any extra positive factors might set the tempo for a transfer in the direction of the $59,200 stage.

Dips Supported In BTC?

If bitcoin fails to clear the $57,500 resistance zone, it might right decrease. An instantaneous assist on the draw back is close to the $56,200 stage.

The primary main assist is snow forming close to the $56,000 stage. It’s close to the 50% Fib retracement stage of the upward transfer from the $54,396 swing low to $57,837 excessive. A draw back break under the $56,000 assist zone might open the doorways for a bigger decline.

Technical indicators:

Hourly MACD – The MACD is slowly gaining tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now close to the 50 stage.

Main Assist Ranges – $56,200, adopted by $56,000.

Main Resistance Ranges – $57,000, $57,500 and $58,500.