Bitcoin is exhibiting optimistic indicators above $54,000 towards the US Greenback. BTC may speed up larger if there’s a clear break above the $56,000 resistance zone.
- Bitcoin stays nicely supported above the $54,500 degree.
- The worth is now buying and selling above $55,000 and the 100 hourly easy shifting common.
- There’s a key declining channel forming with resistance close to $55,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin a contemporary rally if there’s a clear break above the $56,000 resistance.
Bitcoin Value Stays In Uptrend
Bitcoin worth remained in a positive zone and climbed above the $55,000 resistance. BTC even broke the $56,000 resistance degree and settled above the 100 hourly easy shifting common.
Nonetheless, the value failed to realize power above the $56,000 zone. A excessive was shaped close to $56,500 earlier than there was a draw back correction. The worth corrected decrease under the $56,000 degree. The worth even traded under the $55,000 degree and spiked under the 100 hourly SMA.
Bitcoin discovered help close to $54,500 and a low was shaped at $54,396. The worth is now rising and it’s buying and selling above the $55,500 degree. There was a break above the 23.6% Fib retracement degree of the latest decline from the $56,500 swing excessive to $54,396 low.
It’s now dealing with resistance close to the $55,500 degree. There may be additionally a key declining channel forming with resistance close to $55,650 on the hourly chart of the BTC/USD pair. The channel resistance is near the 50% Fib retracement degree of the latest decline from the $56,500 swing excessive to $54,396 low.
Supply: BTCUSD on TradingView.com
The principle resistance is forming close to the $56,000 zone, above which the value may speed up larger. The following main resistance sits close to the $57,200 degree. Any extra positive aspects may set the tempo for a transfer in the direction of the $58,000 degree.
Dips Supported In BTC?
If bitcoin fails to clear the $56,000 resistance zone, it may appropriate decrease. A right away help on the draw back is close to the $55,000 degree.
The primary main help is now forming close to the $54,500 degree. The following main help is close to the $54,000 degree, under which there’s a danger of a bigger decline.
Technical indicators:
Hourly MACD – The MACD is slowly gaining tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 degree.
Main Help Ranges – $54,500, adopted by $54,000.
Main Resistance Ranges – $55,500, $55,650 and $56,000.
