Bitcoin seeks an upside correction of $57,000 above the US Dollar. If the close is above $58,000, BTC may gain momentum.
- Bitcoin has been facing resistance close to the $58,000-58,500 levels.
- The current price trades at $57,500.
- On the hourly chart for the BTC/USD pair, there was an upward movement above the major bearish trendline with resistance at $57,000. (Data feed from Kraken).
- For a new increase to be possible, both parties must reach a settlement of at least $58,000.
Bitcoin Prices are Still Stiff
Bitcoin prices remained above the $55,500 level. BTC established a solid base over the $55,500 threshold and is currently trying to rebound.
The resistance levels of $56,500, $57,000 and $57,000 were broken. A break was also observed above the major bearish trendline with resistance at $57,100, on the hourly charts of BTC/USD. It even surpassed the $57,000.00 level and 100 hourly simple moving mean.
The price has not yet risen above $58,000. The price has been consolidating its gains and is at $58,222.
Price fell below 23.6% Fib level, which is the retracement of the upward swing from the $55,909 low to the $58,222 high. The $57,500 support level is the immediate support. Near the $57,000 mark is the first significant support.
Source: BTCUSD from TradingView.com
A further 50% Fib Retracement level is near $57,000. This refers to the upward move of $55,909 from its swing low to $58,222 high. Near the $56,500 support level is the next significant support. Below which, the price may resume falling towards its main breakdown support of $55,500.
Upside Capped In BTC?
Bitcoin could rise if it remains above $56,500. Positively, the initial resistance to bitcoin is at the $58,000 mark.
Near the $58,500 mark is the next major resistance. The near-term trend may be characterized by a rise in prices above the $58,000 level and the $58,500 level. Near the $60,000 mark is the next significant resistance.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.
Major Support Levels – $56,500, followed by $56,000.
Major Resistance Levels – $58,000, $58,500 and $60,000.