Bitcoin started a downward correction from the 57,800 area against the US dollar. BTC must be above the 100 hour SMA to start a new rise in the near term.
- Bitcoin has been corrected below the $ 57,000 pivot level.
- Prices are now trading above the simple simple average of $ 56,000 and 100 hours.
- The BTC / USD pair (data feed from Kraken) has a big bullish trend line with support around $ 55,200 per hour on the chart.
- The pair could start a new growth if the $ 57,000 resistance zone is cleared.
The price of Bitcoin remains supported
The price of Bitcoin has risen above the $ 57,000 pivot level. The BTC even broke the $ 57,500 level and stood above the 100-hour simple moving average.
However, prices have struggled to rise above the 58,000 level. It traded as high as, 57,837 and recently corrected low. There was a break below the $ 57,000 level. Prices even spiked below the $ 56,000 level and the 100-hour SMA.
Bitcoin has found support near 54,019 and has recently started a ward upward move. It has risen above 55 55,000. The recent decline from the $ 57,837 swing high to the 54,019 low was a break above the 50% Fib retracement level.
It is now trading above 56 56,000 and 100 hours easy running. The BTC / USD pair’s hourly chart also has a large bullish trend line with support near $ 55,200.
Side upward, the bulls are facing resistance near the $ 56,350 level. It is close to the 61.8% Fib retracement level of the recent fall from the $ 57,837 swing high to the পত 54,019 low. The first key resistance is near the $ 57,000 level and a connection bearish trend line on the same chart.
Source: BTCUSD on TradingView.com
A clear break above the $ 57,000 resistance could open the door for a new rise. The next major resistance sits near the $ 58,000 level.
Dips supported in BTC?
If Bitcoin fails to clear the $ 57,000 resistance zone, it could fall again. On the downside an immediate support is close to the $ 56,000 level.
The first major support is now forming near the $ 55,900 level and the 100 hour SMA. A break below the 100-hour SMA could push the price to the জো 54,000 support zone in the near term.
MACD per hour – MACD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – RTC of BTC / USD is now above 50 level.
Major support level – $ 56,000, followed by $ 55,900.
Major resistance levels – $ 56,350, $ 57,000 and $ 58,000.