Bitcoin worth is recovering properly above $55,000 in opposition to the US Dollar. BTC is prone to begin a powerful enhance if there’s a day by day shut above the $57,000 resistance.
- Bitcoin began a contemporary enhance above the $55,000 and $55,500 resistance ranges.
- The worth is now properly above $55,000 and the 100 easy shifting common (4-hours).
- There was a break above a serious bearish development line with resistance close to $55,000 on the 4-hours chart of the BTC/USD pair (information feed from Kraken).
- The pair may rally in direction of the $60,000 stage if there’s a shut above the $57,000 resistance zone.
Bitcoin Price is Showing Positive Signs
This previous week, bitcoin worth testes the $50,500 assist zone and began a fresh increase in opposition to the US Dollar. The BTC/USD pair shaped a assist base above $52,000 and not too long ago began a contemporary enhance.
The worth broke the $53,000 and $53,500 resistance ranges to maneuver right into a constructive zone. It opened the doorways for a break above the $55,000 resistance zone. There was a break above the 50% Fib retracement stage of the downward transfer from the $57,235 swing excessive to $50,400 swing low.
Source: BTCUSD on TradingView.com
Moreover, there was a break above a serious bearish development line with resistance close to $55,000 on the 4-hours chart of the BTC/USD pair. The pair is now buying and selling above the 76.4% Fib retracement stage of the downward transfer from the $57,235 swing excessive to $50,400 swing low.
An fast resistance is close to the $57,000 stage and the 100 easy shifting common (4-hours). A profitable break and shut above the $57,000 resistance zone may open the doorways for a transfer in direction of the $60,000 resistance zone within the coming periods.
Fresh Decline in BTC?
If bitcoin fails to settle above the $57,000 resistance or the 100 easy shifting common (4-hours), there’s a threat of a contemporary decline. An preliminary assist on the draw back is close to the $55,500 stage.
The first key assist is close to the damaged development line and $55,000. A transparent break under the $55,000 assist would possibly open the doorways for an additional decline. In the said case, the worth may decline in direction of the $53,200 stage and even $53,000.
Technical indicators
Four hours MACD – The MACD for BTC/USD is gaining momentum within the bullish zone.
Four hours RSI (Relative Strength Index) – The RSI for BTC/USD is now shifting properly above the 50 stage.
Major Support Level – $55,500
Major Resistance Level – $57,000
