Bitcoin saw a new increase of $58,000 in value against the US dollar. BTC was trading close to $60,000, and the gains are currently being corrected.
- Bitcoin experienced a significant increase in value above $58,000-$58,500.
- The price traded at $58,000. This is in addition to the 100-hourly simple moving mean.
- The hourly BTC/USD chart showed a breaking below a bullish trend line, with support close to $58,550 (datafeed from Kraken).
- For the SMA 100 to begin another increase, it must stay above $57,000.
Bitcoin price is back above 100 SMA
The Bitcoin price was steady above $57,000. BTC began a new rise and cleared the $58,000 resistance area. The 100-hourly moving average and the $58,500 threshold were also broken.
The $60,000 resistance level was not tested. The price has corrected gains since a high of $59,400 was reached. A break was seen below the support level of $58,500.
On the hourly BTC/USD chart, the pair broke below the key bullish trendline with support at $58,550. It traded below 23.6% Fib Retracement Level of the upward swing from the $55,909 low to the $59,400 high.
Support is at the $58,200 level. At the $57.650 mark, we are seeing the initial major support. This is near the Fib level for the upward movement from $55,909 low to $59,000.
Source: BTCUSD at TradingView.com
Next major support will be at the $57,500 and 100 hourly SMA levels. Below which, the price can resume its fall towards $55,500 as the main breakdown support.
BTC – A New Increase
Bitcoin could see a new increase if it stays above the $57.500 support level and the 100 hourly SMA. The upside is that initial resistance may be at the $59,000 mark.
Near the $59,000.500 level is the next resistance. The price could rise to $60,000. If the close is above the $59,500 and $59,000 levels, it may be possible for the price to surpass $60,000. Next is $61,200.
Technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is declining towards the 50 level.
Major Support Levels – $57,650, followed by $57,500.
Major Resistance Levels – $59,000, $59,500 and $60,000.