Bitcoin worth gained bullish momentum above $50K and traded to a brand new all-time excessive at $57,500 in opposition to the US Greenback. BTC stays supported and it’s doubtless eyeing a check of $60,000.
- Bitcoin climbed above the $50,000 resistance and traded to a brand new all-time excessive close to USD 57,500.
- The value is buying and selling properly above the $55,000 degree and the 100 easy shifting common (4-hours).
- There’s a key bullish development line forming with assist close to $54,000 on the 4-hours chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair is displaying a variety of constructive indicators and the bulls appears to eyeing a check of $60,000.
Bitcoin Value is Gaining Traction
This previous week, bitcoin worth prolonged its rise above the important thing $50,000 resistance zone in opposition to the US Greenback. The BTC/USD pair even broke the $55,000 degree and settled effectively above the 100 easy shifting common (4-hours).
It traded to a brand new all-time excessive close to $57,500 and lately began a draw back correction. There was a pointy dip beneath the $56,000 and $55,000 ranges. The value broke the 23.6% Fib retracement degree of the upward transfer from the $50,634 swing low to $57,500 excessive.
Nonetheless, the bulls have been lively close to the $54,000 assist degree. The 50% Fib retracement degree of the upward transfer from the $50,634 swing low to $57,500 excessive additionally acted as an honest assist.
There may be additionally a key bullish development line forming with assist close to $54,000 on the 4-hours chart of the BTC/USD pair. The pair can also be recovering and buying and selling properly above $55,000. An preliminary resistance is close to the $57,000 degree. The primary main resistance is close to the $57,500 excessive.
A transparent break above the $57,500 resistance is prone to open the doorways for extra upsides. The following main resistance for the bulls sits at $60,000.
Dips Supported in BTC?
If bitcoin struggles to clear the $57,500 resistance degree, there are possibilities of a draw back correction. The primary main assist is close to the development line and $54,000.
The following main assist is close to the $52,500 degree (a multi-touch zone). If there’s a clear break and shut beneath the $52,500 assist, the worth might decline in direction of the $50,000 degree within the close to time period.
Technical indicators
4 hours MACD – The MACD for BTC/USD is displaying constructive indicators within the bullish zone.
4 hours RSI (Relative Energy Index) – The RSI for BTC/USD remains to be above the 60 degree.
Main Assist Degree – $52,500
Main Resistance Degree – $60,000
