Bitcoin value is displaying optimistic indicators above $55,000 in opposition to the US Greenback. BTC is prone to surpass $58,000 and commerce to a brand new all-time excessive within the close to time period.
Bitcoin climbed additional above the $55,500 and $57,000 resistance ranges.
The worth is now consolidating above $55,000 and it’s nicely above the 100 hourly easy transferring common.
There’s a main bullish pattern line forming with assist close to $55,150 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair is prone to speed up greater above $57,500 and $58,000 within the coming periods.
Bitcoin Worth is Exhibiting Constructive Indicators
There was a gradual rise in bitcoin above the $55,000 resistance zone. BTC climbed above the $56,000 stage and it settled nicely above the 100 hourly easy transferring common.
The bulls even pushed the value above the $57,000 resistance. A excessive is fashioned close to $57,367 and the value is presently correcting decrease. It traded under the 23.6% Fib retracement stage of the upward transfer from the $53,002 low to $57,367 excessive.
Bitcoin is testing the $55,500 assist stage and it’s nonetheless nicely above the 100 hourly easy transferring common. The following main assist is close to the $52,150 stage. There’s additionally a significant bullish pattern line forming with assist close to $55,150 on the hourly chart of the BTC/USD pair.
Supply: BTCUSD on TradingView.com
The pattern line is near the 50% Fib retracement stage of the upward transfer from the $53,002 low to $57,367 excessive. On the upside, the $56,500 stage is a short-term hurdle. There’s additionally a connecting bearish pattern line at $56,500 on the identical chart.
A transparent break above the pattern line resistance and $57,500 might open the doorways for a transfer in the direction of the $58,000 stage. The following intention for the bulls may very well be a brand new all-time excessive and even $60,000.
Dips Supported in BTC?
If bitcoin fails to clear the $57,500 resistance, it might appropriate additional decrease. The primary key assist is close to the pattern line and $55,150.
If there’s a draw back break under the pattern line assist, there are probabilities of a transfer in the direction of the $54,000 assist. There’s one other pattern line forming with assist close to $54,000 on the identical chart.
Hourly MACD – The MACD is slowly dropping momentum within the bearish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD continues to be above the 50 stage.
Main Assist Ranges – $55,150, adopted by $54,000.
Main Resistance Ranges – $57,500, $58,000 and $60,000.