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TA: Bitcoin Features Bullish Momentum, Why BTC May Hit New ATH

03/11/2021

Bitcoin value is displaying constructive indicators above $55,000 in opposition to the US Greenback. BTC is more likely to surpass $58,000 and commerce to a brand new all-time excessive within the close to time period.

  • Bitcoin climbed additional above the $55,500 and $57,000 resistance ranges.
  • The worth is now consolidating above $55,000 and it’s properly above the 100 hourly easy shifting common.
  • There’s a main bullish pattern line forming with help close to $55,150 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is more likely to speed up greater above $57,500 and $58,000 within the coming classes.

Bitcoin Value is Displaying Constructive Indicators

There was a gentle rise in bitcoin above the $55,000 resistance zone. BTC climbed above the $56,000 stage and it settled properly above the 100 hourly easy shifting common.

The bulls even pushed the worth above the $57,000 resistance. A excessive is shaped close to $57,367 and the worth is at present correcting decrease. It traded beneath the 23.6% Fib retracement stage of the upward transfer from the $53,002 low to $57,367 excessive.

Bitcoin is testing the $55,500 help stage and it’s nonetheless properly above the 100 hourly easy shifting common. The following main help is close to the $52,150 stage. There may be additionally a serious bullish pattern line forming with help close to $55,150 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The pattern line is near the 50% Fib retracement stage of the upward transfer from the $53,002 low to $57,367 excessive. On the upside, the $56,500 stage is a short-term hurdle. There may be additionally a connecting bearish pattern line at $56,500 on the identical chart.

A transparent break above the pattern line resistance and $57,500 might open the doorways for a transfer in direction of the $58,000 stage. The following purpose for the bulls might be a brand new all-time excessive and even $60,000.

Dips Supported in BTC?

If bitcoin fails to clear the $57,500 resistance, it might appropriate additional decrease. The primary key help is close to the pattern line and $55,150.

If there’s a draw back break beneath the pattern line help, there are probabilities of a transfer in direction of the $54,000 help. There may be one other pattern line forming with help close to $54,000 on the identical chart.

Technical indicators:

Hourly MACD – The MACD is slowly shedding momentum within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD remains to be above the 50 stage.

Main Assist Ranges – $55,150, adopted by $54,000.

Main Resistance Ranges – $57,500, $58,000 and $60,000.