Bitcoin rate is keeping the $55,000 support zone against the US Dollar. BTC should clear the $57,000 resistance and the 100 hourly SMA to transfer into a positive zone.
- Bitcoin is by some means keeping the $55,000 and $54,500 aid degrees.
- The cost is now struggling with a strong resistance in close proximity to $57,500 and the 100 hourly simple shifting common.
- There was a break over a main declining channel with resistance near $55,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could get started a sturdy raise if there is a crystal clear crack over the $57,500 resistance zone.
Bitcoin Selling price is Experiencing Hurdles
Bitcoin remained beneath the key $57,500 resistance zone. BTC declined underneath the $55,000 assist, but it observed support in close proximity to the $53,400 zone. A low was fashioned around $53,338 right before the price started out a fresh maximize.
It broke the $54,500 and $55,000 resistance stages. There was also a split over a key declining channel with resistance in the vicinity of $55,250 on the hourly chart of the BTC/USD pair. The pair even climbed earlier mentioned $57,000, but it unsuccessful to apparent the 100 hourly basic shifting regular.
A higher is formed in the vicinity of $57,150 and the rate is now correcting decreased. It traded close to the 50% Fib retracement stage of the upward transfer from the $53,338 lower to $57,151 substantial.
Supply: BTCUSD on TradingView.com
On the upside, the cost is experiencing a powerful resistance in close proximity to the $57,100 and $57,500 stages. The 100 hourly straightforward shifting regular is also close to the $57,500 amount to act as a hurdle. A thriving crack over the $57,500 resistance is ought to to commence a strong enhance in the coming sessions.
Dips Supported in BTC?
If bitcoin fails to very clear the $57,000 and $57,500 resistance ranges, it could appropriate reduced. An immediate help on the downside is near the $55,200 level.
The 1st critical assist is in the vicinity of the $54,800 level. It is close to the 61.8% Fib retracement level of the upward shift from the $53,338 very low to $57,151 substantial. Any more losses could maybe connect with for a retest of the $53,350 zone in the close to expression.
Technical indicators:
Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now shut to the 50 degree.
Key Support Degrees – $55,200, followed by $54,800.
Major Resistance Ranges – $56,500, $57,100 and $57,500.
