BITCOIN

Bitcoin has lost momentum above $ 56K, which is why the rally is not over yet


Bitcoin is showing positive signs above $ 54,000 against the US dollar. BTC could accelerate higher if there is a clear break above the $ 56,000 resistance zone.

  • Bitcoin is well supported above the 54,500 level.
  • Prices are now trading above 55 55,000 and a simple moving average of 100 hours.
  • The BTC / USD pair (data feed from Kraken) has a key bearish channel with resistance around $ 55,650 per hour on the chart.
  • The pair could start a new rally if there is a clear break above the $ 56,000 resistance.

Bitcoin prices remain uptrend

The price of Bitcoin has remained in positive territory and has risen above the $ 55,000 resistance. BTC even broke the $ 56,000 resistance level and settled above the simple moving average of 100 hours.

However, prices have failed to gain strength above the $ 56,000 zone. There was a negative correction before a height was made near 56 56,500. Prices have been fixed below the $ 56,000 level. Prices have even traded below 55 55,000 and risen below the 100-hour SMA.

Bitcoin has found support near 54,500 and formed at a low of $ 54,396. The price is now rising and it is trading above 55 55,500. A break above the হ 23.6% Fib retracement level of the recent decline was from $ 56,500 swing high to $ 54,396 low.

It now faces resistance near 55,500. The hourly chart of the BTC / USD pair also has a key bearish channel with resistance near $ 55,650. The recent decline in channel resistance is near the 50% Fib retracement level from উচ্চ 56,500 swing high to $ 54,396 low.

Source: BTCUSD on TradingView.com

Major resistance is building near $ 56,000, above which prices could accelerate further. The next major resistance is sitting near the $ 57,200 level. Any gain could determine the pace of progress towards the 58,000 level.

Dips supported in BTC?

If Bitcoin fails to clear the $ 56,000 resistance zone, it may correct the low. On the downside an immediate support is close to the $ 55,000 level.

The first major support is now forming near the 54,500 level. The next major support is near the $ 54,000 level, below which there is a risk of a larger fall.

Technical indicators:

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 – $ 54,500, followed by $ 54,000.

Major resistance levels – $ 55,500, $ 55,650 and $ 56,000.



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