Why Bitcoin Worth Rally Might Lengthen To $60K, Uptrend Appears Intact

Bitcoin worth gained bullish momentum above $50K and traded to a brand new all-time excessive at $57,500 in opposition to the US Greenback. BTC stays supported and it’s probably eyeing a take a look at of $60,000.

Bitcoin climbed above the $50,000 resistance and traded to a brand new all-time excessive close to USD 57,500.
The worth is buying and selling properly above the $55,000 degree and the 100 easy transferring common (4-hours).
There’s a key bullish pattern line forming with assist close to $54,000 on the 4-hours chart of the BTC/USD pair (information feed from Kraken).
The pair is displaying lots of optimistic indicators and the bulls appears to eyeing a take a look at of $60,000.

Bitcoin Worth is Gaining Traction

This previous week, bitcoin worth prolonged its rise above the important thing $50,000 resistance zone in opposition to the US Greenback. The BTC/USD pair even broke the $55,000 degree and settled nicely above the 100 easy transferring common (4-hours).

It traded to a brand new all-time excessive close to $57,500 and lately began a draw back correction. There was a pointy dip under the $56,000 and $55,000 ranges. The worth broke the 23.6% Fib retracement degree of the upward transfer from the $50,634 swing low to $57,500 excessive.

Nonetheless, the bulls have been energetic close to the $54,000 assist degree. The 50% Fib retracement degree of the upward transfer from the $50,634 swing low to $57,500 excessive additionally acted as a good assist.

There’s additionally a key bullish pattern line forming with assist close to $54,000 on the 4-hours chart of the BTC/USD pair. The pair can also be recovering and buying and selling properly above $55,000. An preliminary resistance is close to the $57,000 degree. The primary main resistance is close to the $57,500 excessive.

A transparent break above the $57,500 resistance is prone to open the doorways for extra upsides. The following main resistance for the bulls sits at $60,000.

Dips Supported in BTC?

If bitcoin struggles to clear the $57,500 resistance degree, there are probabilities of a draw back correction. The primary main assist is close to the pattern line and $54,000.

The following main assist is close to the $52,500 degree (a multi-touch zone). If there’s a clear break and shut under the $52,500 assist, the worth may decline in direction of the $50,000 degree within the close to time period.

Technical indicators

4 hours MACD – The MACD for BTC/USD is displaying optimistic indicators within the bullish zone.

4 hours RSI (Relative Energy Index) – The RSI for BTC/USD continues to be above the 60 degree.

Main Help Degree – $52,500

Main Resistance Degree – $60,000