Bitcoin price is holding gains above the $57,500 resistance. BTC is currently showing positive signs and may be aiming for a move towards $60,000.
- Bitcoin is trying to make a new growth above the $57,200 support zone.
- The price is trading above $57,500 and the 100-hour simple moving average.
- There is a key contracting triangle forming with resistance at $58,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may rise if it breaks the resistance levels of $58,500 and $58,650 in the near future.
Bitcoin Price May Continue to Rise
The price of Bitcoin started to grow quite well after breaking through the resistance zone of $57,000. BTC managed to rise above the resistance of $57,500. The pair even broke through the resistance zone of $58,000.
However, the bears seem to be active near the $58,500 resistance zone. The high was formed at $58,450 and the price is now consolidating the gains. There was a small drop below the $58,000 level. The price even dropped below the 23.6% Fibonacci retracement level of the upward move from the swing low at $55,550 to the high at $58,450.
Bitcoin is currently trading above $57,500 and the 100-hour simple moving average. On the downside, the price may face resistance near $58,500. There is also a key contracting triangle forming on the hourly chart of the BTC/USD pair with resistance at $58,500.
The first key resistance is around $58,650. A clear break above the $58,650 resistance could initiate a sustained rally in the coming sessions. The next key resistance could be $59,200. A close above the $59,200 resistance could trigger more gains. In this case, the price could rally and test the $60,000 resistance.
Another BTC Drop?
If Bitcoin fails to rise above the $58,500 resistance zone, it could begin a new decline. Immediate support on the downside is near the $57,600 level.
The first major support is $56,650 or the 61.8% Fibonacci retracement level of the uptrend from the $55,550 swing low to $58,450 high. The next support is now around the $56,220 zone. Any further losses could send the price towards the $55,550 support in the near term.
Technical indicators:
Hourly MACD – MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
The main support levels are $57,600, then $55,550.
The main resistance levels are $58,500 and $58,650.
