Bitcoin Lacks Momentum Above $56K, Why Rally Isn’t Over Yet

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.