Bitcoin worth is holding the $55,000 help zone towards the US Dollar. BTC should clear the $57,000 resistance and the 100 hourly SMA to maneuver right into a optimistic zone.
- Bitcoin is in some way holding the $55,000 and $54,500 help ranges.
- The worth is now dealing with a robust resistance close to $57,500 and the 100 hourly easy transferring common.
- There was a break above a serious declining channel with resistance close to $55,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might begin a robust enhance if there’s a clear break above the $57,500 resistance zone.
Bitcoin Price is Facing Hurdles
Bitcoin remained beneath the primary $57,500 resistance zone. BTC declined beneath the $55,000 help, but it surely discovered help close to the $53,400 zone. A low was shaped close to $53,338 earlier than the worth began a contemporary enhance.
It broke the $54,500 and $55,000 resistance ranges. There was additionally a break above a serious declining channel with resistance close to $55,250 on the hourly chart of the BTC/USD pair. The pair even climbed above $57,000, but it surely didn’t clear the 100 hourly simple moving average.
A excessive is shaped close to $57,150 and the worth is now correcting decrease. It traded near the 50% Fib retracement degree of the upward transfer from the $53,338 low to $57,151 excessive.
Source: BTCUSD on TradingView.com
On the upside, the worth is dealing with a strong resistance close to the $57,100 and $57,500 ranges. The 100 hourly easy transferring common can also be close to the $57,500 degree to behave as a hurdle. A profitable break above the $57,500 resistance is should to start out a robust enhance within the coming periods.
Dips Supported in BTC?
If bitcoin fails to clear the $57,000 and $57,500 resistance ranges, it might appropriate decrease. An fast help on the draw back is close to the $55,200 degree.
The first key help is close to the $54,800 degree. It is close to the 61.8% Fib retracement degree of the upward transfer from the $53,338 low to $57,151 excessive. Any extra losses might probably name for a retest of the $53,350 zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is struggling to achieve momentum within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 degree.
Major Support Levels – $55,200, adopted by $54,800.
Major Resistance Levels – $56,500, $57,100 and $57,500.
