Bitcoin price is holding gains above the $57,500 resistance. BTC is now showing positive signs and could point to a move towards $60,000.
- Bitcoin is attempting a fresh rise above the $57,200 support zone.
- The price is trading above $57,500 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance at $58,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rally further if it clears the $58,500 and $58,650 resistance levels in the near term.
Bitcoin Price May Extend Gains
Bitcoin price started a decent increase after breaking the $57,000 resistance zone. BTC managed to climb above the $57,500 resistance. The pair even surpassed the $58,000 resistance zone.
However, bears seem to be active near the $58,500 resistance zone. A high is formed at $58,450 and the price is now consolidating gains. There was a minor decline below the $58,000 level. The price even dipped below the 23.6% Fib retracement level of the upward move from the $55,550 swing low to $58,450 high.
Bitcoin is now trading above $57,500 and the 100-hour simple moving average. On the upside, the price may face resistance near the $58,500 level. There is also a key contracting triangle forming with resistance at $58,500 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $58,650 level. A clear move above the $58,650 resistance could start a steady increase in the coming sessions. The next key resistance could be at $59,200. A close above the $59,200 resistance could provide more upside. In this case, the price could move higher and test the $60,000 resistance.
Another BTC crash?
If Bitcoin fails to climb above the $58,500 resistance zone, it could start another decline. Immediate support on the downside is near the $57,600 level.
The first major support is at $56,650 or the 61.8% Fibonacci retracement level of the upward move from the $55,550 low to $58,450 high. The next support is now near the $56,220 zone. Any more losses could send the price towards the $55,550 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $57,600, followed by $55,550.
Key Resistance Levels – $58,500 and $58,650.