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Bitcoin price holds gains above the USD 57,500 resistance. BTC is now showing positive signs and could aim for a move towards $60,000.
- Bitcoin attempts another surge above the $57,200 support zone.
- The price is trading above USD 57,500 and the 100 hourly Simple Moving Average.
- A major contracting triangle is forming at resistance at $58,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could climb higher if it overcomes the USD 58,500 and USD 58,650 resistance levels in the near term.
Bitcoin price can increase profits
Bitcoin price started to rise significantly after breaking the USD 57,000 resistance zone. BTC was able to climb above the USD 57,500 resistance. The pair even managed to break through the $58,000 resistance zone.
However, the bears seem to be active near the USD 58,500 resistance zone. A high is formed at $58,450 and the price is now consolidating gains. There was a small decline below the $58,000 level. The price even fell below the 23.6% Fib retracement level of the upward move from the $55,550 swing low to the $58,450 high.
Bitcoin is now trading above $57,500 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 58,500 level. A major contracting triangle is also forming with resistance at $58,500 on the hourly chart of the BTC/USD pair.
The first major resistance is around the $58,650 level. A clear move above the USD 58,650 resistance could trigger a steady rise in the coming sessions. The next major resistance could be at USD 59,200. A close above the $59,200 resistance could provide more upside. In the mentioned case, the price could rise and test the USD 60,000 resistance.
Another drop in BTC?
If Bitcoin fails to rise above the USD 58,500 resistance zone, it could trigger another decline. The immediate downside support is near the $57,600 level.
The first major support is $56,650 or the 61.8% Fib retracement level of the upward move from the $55,550 swing low to the $58,450 high. The next support is now near the $56,220 zone. Any further losses could send the price towards the USD 55,550 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 57,600, followed by USD 55,550.
Major resistance levels – $58,500 and $58,650.
