Bitcoin trades above $56,200 against the US Dollar. To see a significant increase, BTC needs to clear $58,500.
- Bitcoin’s pace is slowing below the $58,000 or $58,500 levels.
- The price traded above $57,000, and the 100-hourly simple moving mean is unchanged.
- A major contracting triangle is emerging with resistance close to $58,200 in the hourly chart on the BTC/USD pair. (Data feed from Kraken).
- For steady growth in the short term, the pair has to break the $58,500 resistance.
Bitcoin Price Shows Bullish Signs
Bitcoin prices fell below $57,000 support. BTC was stable over the $56,200 support area and 100 hourly simple moving mean.
It was close to $56,555 at the recent low and is currently moving higher. The $57,000 resistance level was broken. It broke above the 23.6% Fib level of the decline from the low at $59,230 to the high at $56,555.
The 100-hourly simple moving average and $57,000 are still in play. It is currently near $57.850, which represents a resistance to the upside. This is just below the Fib retracement area of the recent fall from the swing high at $59230 to low at $56,555.
At $58,200, the level of resistance will be near its highest point. A major contracting triangle is also emerging with resistance close to $58,200 in the hourly charts of the BTC/USD pairs.
Source: BTCUSD at TradingView.com
Clear breaks above the $58,200 resistance level could lead to more upsides. Near the $58,500 mark, which is where the next major resistance lies. The bulls may attempt a $60,000. The price could rise to $61,200 if there are more gains.
BTC Drops Freshly
Bitcoin could begin a new decline if it fails to cross the $58,500 resistance level. The $57,000 mark is an immediate support level for the downside.
Now, the first significant support is forming at the $56,200 and 100 hourly SMA levels. The price could reach $55,500 if it breaks below the $56,200 resistance. Price could fall to $55,000 if there are more losses.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
Major Support Levels – $57,000, followed by $56,200.
Major Resistance Levels – $58,000, $58,500 and $60,000.