Bitcoin worth gained tempo and it cleared the $55,000 resistance zone in opposition to the US Greenback. BTC is displaying constructive indicators and it’s prone to speed up larger above $56,500.
Bitcoin began an honest improve it settled properly above the $53,000 resistance.
The value is now buying and selling properly above $54,000 and the 100 hourly easy transferring common.
There’s a short-term rising channel forming with resistance close to $55,850 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair is prone to proceed larger above the $56,000 and $56,500 resistance ranges.
Bitcoin Value Stays Bullish
Bitcoin shaped a robust help base above the $53,000 stage and it prolonged features. BTC even broke the primary $55,000 resistance zone and settled properly above the 100 hourly easy transferring common.
There was additionally a push above the $55,500 stage and the worth traded as excessive as $55,782. It’s now consolidating features properly above the $55,000 stage. There appears to be a short-term rising channel forming with resistance close to $55,850 on the hourly chart of the BTC/USD pair.
Supply: BTCUSD on TradingView.com
If there may be an upside break above the channel resistance, the worth might proceed to rise in direction of the $56,500 and $57,000 ranges. The following main resistance is close to the $58,000 stage, above which the worth might speed up larger in direction of the $60,000 stage.
Dips Restricted in BTC?
If bitcoin fails to clear the $56,000 and $56,500 resistance ranges, it might begin a draw back correction. An instantaneous help on the draw back is close to the $55,200 stage.
The primary key help is close to the $55,000 stage and the channel decrease development line. The 23.6% Fib retracement stage of the current upward transfer from the $47,000 swing low to $55,782 excessive can be close to the $53,700 stage.
If there are extra losses, the worth might slide in direction of the $52,000 help and 100 hourly easy transferring common. The 50% Fib retracement stage of the current upward transfer from the $47,000 swing low to $55,782 excessive can be positioned close to the $51,500 zone to offer help if there may be an prolonged decline.
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now properly above the 50 stage.
Main Assist Ranges – $55,000, adopted by $53,000.
Main Resistance Ranges – $56,000, $58,000 and $60,000.