Bitcoin is trying a benefit correction above $57,000 versus the United States Dollar. BTC could acquire rate if there is a close above the $58,000 resistance.
- Bitcoin is dealing with resistance near the $58,000 and $58,500 levels.
- The rate is now trading near $57,500 and the 100 per hour easy moving average.
- There was a break above a significant bearish pattern line with resistance near $57,100 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set needs to settle above $58,000 to begin a fresh boost in the near term.
Bitcoin Price is Still Struggling
Bitcoin rate stayed in a variety above the $55,500 assistance zone. BTC formed a base above the $55,500 level and is presently trying a good recovery wave.
There was a break above the $56,500 and $57,000 resistance levels. Besides, there was a break above a significant bearish pattern line with resistance near $57,100 on the per hour chart of the BTC/USD set. The set even surged above the $57,500 level and the 100 per hour easy moving average.
However, the rate is still having a hard time to acquire rate above the $58,000 level. A high is formed near $58,222 and the rate is now combining gains.
The bears pressed the rate listed below the 23.6% Fib retracement level of the upward relocation from the $55,909 swing low to $58,222 high. An instant assistance is near the $57,500 level. The initially significant assistance is now forming near the $57,000 level.
Source: BTCUSD on TradingView.com
The 50% Fib retracement level of the upward relocation from the $55,909 swing low to $58,222 high is likewise near $57,000. The next significant assistance is near the $56,500 level, listed below which the rate could resume its decrease towards the primary breakdown assistance at $55,500.
Upside Capped In BTC?
If bitcoin remains above the $56,500 assistance, it could continue to increase. On the advantage, a preliminary resistance is near the $58,000 level.
The next crucial resistance is near the $58,500 level. A close above the $58,000 and $58,500 levels might potentially begin a constant boost in the near term. The next significant resistance sits near the $60,000 level.
Hourly MACD – The MACD is now losing rate in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.
Major Support Levels – $56,500, followed by $56,000.
Major Resistance Levels – $58,000, $58,500 and $60,000.