Bitcoin value began a gentle improve and examined the $56,500 zone towards the US Dollar. BTC is now correcting features, with many helps close to $54,000.
- Bitcoin traded as excessive as $56,694 earlier than beginning a draw back correction.
- The value remains to be above the $54,000 help and the 100 hourly easy transferring common.
- There was a break beneath a key bullish pattern line with help close to $55,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair is prone to discover a robust shopping for curiosity close to the $54,000 help zone within the close to time period.
Bitcoin Price Remains Supported
After a transparent break above the $53,200 resistance, bitcoin extended its rise. BTC broke the $55,000 resistance stage and settled properly above the 100 hourly easy transferring common.
It even spiked above $56,500 and traded as excessive as $56,694. It is now correcting decrease and buying and selling beneath the $56,000 stage. There was a break beneath the 23.6% Fib retracement stage of the upward transfer from the $50,400 swing low to $56,694 excessive.
There was additionally a break beneath a key bullish pattern line with help close to $55,500 on the hourly chart of the BTC/USD pair. The pair is now consolidating close to the $55,000 stage.
Source: BTCUSD on TradingView.com
An preliminary help on the draw back is close to the $54,500 stage. The first main help is close to the $54,000 zone and the 100 hourly easy transferring common. The subsequent main help is close to the $53,500 stage. It is near the 50% Fib retracement stage of the upward transfer from the $50,400 swing low to $56,694 excessive.
A draw back break beneath the $53,500 and $53,200 help ranges might negate the present bullish bias. In the acknowledged case, the worth is prone to revisit $50,500.
Fresh Increase in BTC?
If bitcoin stays above the $54,000 help zone and the 100 hourly SMA, there are possibilities of a contemporary improve. An preliminary resistance on the upside is close to the $56,200 zone.
The first main resistance is close to the $56,500 stage. The main resistance remains to be close to $57,000 and $57,200, above which the worth is prone to rally additional.
Technical indicators:
Hourly MACD – The MACD is slowly dropping momentum within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now slightly below the 50 stage.
Major Support Levels – $54,500, adopted by $54,000.
Major Resistance Levels – $56,000, $56,500 and $57,200.
