Bitcoin value spiked above the $56,000 resistance in opposition to the US Greenback, but it surely didn’t proceed larger. BTC is may right decrease, however the 100 hourly SMA is probably going to supply assist.

  • Bitcoin prolonged its rise above the $55,500 and $56,000 resistance ranges.
  • The worth is now buying and selling properly above $54,000 and the 100 hourly easy transferring common.
  • There’s a key bullish pattern line forming with assist close to $54,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may dip in direction of the $53,000 assist earlier than it extends its rise.

Bitcoin Value Stays Supported

Bitcoin remained secure above the $53,000 assist zone and it prolonged its upward transfer. BTC broke the $55,000 resistance degree and it settled properly above the 100 hourly easy transferring common.

The worth even spiked above the $56,000 resistance degree. Nonetheless, the bulls didn’t push the value above the $56,500 degree. A excessive is shaped close to $56,490 and the value is now correcting decrease. It broke the $56,000 and $55,800 ranges.

Bitcoin virtually examined the 23.6% Fib retracement degree of the latest upward wave from the $47,010 swing low to $56,490 excessive. There may be additionally a key bullish pattern line forming with assist close to $54,500 on the hourly chart of the BTC/USD pair.

Supply: BTCUSD on TradingView.com

If the pair breaks the pattern line assist, it may prolong its decline in direction of the $53,000 assist. The 100 hourly easy transferring common is close to the $53,000 zone to behave as a robust assist.

Any extra losses would possibly name for a check of the $51,500 assist. The 50% Fib retracement degree of the latest upward wave from the $47,010 swing low to $56,490 excessive can be close to the $51,750 zone.

Recent Enhance in BTC?

If bitcoin stays secure above the 100 hourly SMA and the $53,000 assist, it may begin a recent enhance. An preliminary resistance on the upside is close to the $55,500 degree.

The following main resistance is close to the $56,000 degree. A profitable shut above the $56,000 resistance zone may set the tempo for a transfer in direction of the $58,000 degree within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is simply above the 50 degree.

Main Assist Ranges – $54,500, adopted by $53,000.

Main Resistance Ranges – $55,000, $55,500 and $56,000.

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