Bitcoin prolonged its rally above the $55,000 resistance in opposition to the US Greenback. BTC might right decrease, however the bulls may purpose extra beneficial properties in direction of $60Ok.
Bitcoin climbed increased above the $52,000 and $54,000 resistance ranges.
The worth is now buying and selling above $53,000 and the 100 hourly easy transferring common.
There’s a connecting bullish pattern line forming with help close to $53,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair might proceed to rise above the $55,500 and $56,500 resistance ranges within the close to time period.
Bitcoin Worth Extends Rally
Bitcoin value began a robust improve above the $50,000 resistance. BTC even broke the $52,000 resistance stage and settled above the 100 hourly easy transferring common.
The upward transfer was such that the value broke the $53,200 resistance. It even spiked above the $55,000 stage. A excessive is fashioned close to $55,770 and the value is now consolidating beneficial properties. A right away help on the draw back is close to the $55,000 stage.
It’s near the 23.6% Fib retracement stage of the upward transfer from the $50,366 swing low to $55,777 excessive. There may be additionally a connecting bullish pattern line forming with help close to $53,000 on the hourly chart of the BTC/USD pair.
Supply: BTCUSD on TradingView.com
On the upside, an preliminary resistance is close to the $55,500 stage. The primary main resistance is close to the $56,200 stage, above which the value might speed up increased. The subsequent main resistance for the bulls might probably be close to the $58,000 stage. Any extra beneficial properties might set the tempo for a transfer in direction of the $60,000 stage.
Dips Restricted In BTC?
If bitcoin fails to clear the $56,000 resistance zone, it might begin a contemporary draw back correction. A right away help on the draw back is close to the $55,000 stage.
The primary main help is now forming close to the $54,200 stage. The subsequent main help is close to the $53,000 stage and the pattern line. It’s close to the 50% Fib retracement stage of the upward transfer from the $50,366 swing low to $55,777 excessive. If there’s a break beneath the pattern line help, the value may decline in direction of the $50,000 stage and the 100 hourly SMA.
Hourly MACD – The MACD remains to be transferring within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is nicely above the 50 stage.
Main Assist Ranges – $55,000, adopted by $53,000.
Main Resistance Ranges – $55,500, $56,200 and $58,000.