Bitcoin has extended its rally above the 55,000 resistance against the US dollar. BTC may make less corrections, but bulls could aim for more gains towards 60K.
- Bitcoin has risen above the resistance levels of $ 52,000 and 54,000.
- Prices are now trading above 53 53,000 and above the simple moving average of 100 hours.
- The BTC / USD pair (data feed from Kraken) has a connecting bullish trend line with support around $ 53,000 per hour chart.
- The pair could rise above the মাত্র 55,500 and $ 56,500 resistance levels in the near term.
Bitcoin prices have rallied
The price of Bitcoin has started a strong rise above the $ 50,000 resistance. BTC even broke the $ 52,000 resistance level and settled above the simple moving average of 100 hours.
The move upwards was such that the price broke the 53,200 resistance. It has risen above 55 55,000. A high is formed around, 55,770 and the price is now consolidating gains. On the downside an immediate support is close to the $ 55,000 level.
It moves from a low of $ 50,366 to a high of $ 55,777 near the 23.6% Fib retracement level of the upward move. The hourly chart of the BTC / USD pair has a connecting bullish trend line with support near 53,000.
Source: BTCUSD on TradingView.com
On the upside, an initial resistance is near the 55,500 level. The first major resistance is near the 56,200 level, above which the price may accelerate further. The next big resistance for the bulls could probably be near the 58,000 level. Any further gain could determine the pace of progress towards the 60,000 level.
Dips Limited in BTC?
If Bitcoin fails to clear the $ 56,000 resistance zone, it could start a new negative correction. On the downside an immediate support is close to the $ 55,000 level.
The first major support is now forming near the 54,200 level. The next major support is at the $ 53,000 level and near the trend line. It moves from কম 50,366 swing low to $ 55,777 high near the 50% Fib retracement level of the upward move. If there is a break below the trend line support, the price may move towards the 50,000 level and 100 hour SMA.
Hourly MACD – MACD is still in the bullish zone.
Hourly RSI (Relative Strength Index) – Above the RSI 50 level of BTC / USD.
Major support level – $ 55,000, followed by $ 53,000.
Major resistance levels – $ 55,500, $ 56,200 and $ 58,000.