More

    TA: Bitcoin Resumes Uptrend, Here’s Why BTC Could Rally Above $60K

    Bitcoin price remained well supported near the $56,000 support zone against the US Dollar. BTC is rising and it may soon break the key $60,000 resistance zone.

    Bitcoin found support above $56,000 and started a fresh increase.
    The price is now trading well above the $57,500 level and the 100 hourly simple moving average.
    There was a break above a key bearish trend line with resistance near $57,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair is likely to accelerate higher above the $59,500 and $60,000 resistance levels.

    Bitcoin Price is Gaining Pace
    Bitcoin corrected lower from the $59,500 resistance zone. BTC declined below the $58,000 and $57,500 support levels. The price even spiked below the 100 hourly simple moving average, but it remained stable above the $56,000 level.
    A low was formed near $56,306 before the price started a fresh increase. There was a break above the $57,000 resistance levels. The bulls cleared the 50% Fib retracement level of the recent decline from the $59,501 high to $56,306 low.
    There was also a break above a key bearish trend line with resistance near $57,900 on the hourly chart of the BTC/USD pair. The pair is now trading well above the $57,500 level and the 100 hourly simple moving average.

    Source: BTCUSD on TradingView.com
    It is consolidating above the 76.4% Fib retracement level of the recent decline from the $59,501 high to $56,306 low. An immediate resistance is near the $59,500 level. A clear break above the $59,500 could open the doors for a break above the $60,000 resistance. In the stated case, the price could rally towards $62,000.
    Fresh Drop in BTC?
    If bitcoin fails to clear the $59,500 resistance or $60,000, it could start a downside correction. An initial support on the downside is near the $58,000 level and the broken trend line.
    The first key support is near the $57,500 level and the 100 hourly SMA, below which the price might test $56,500. There is also a connecting bullish trend line forming with support near $56,500 on the same chart.
    Technical indicators:
    Hourly MACD – The MACD is now gaining pace in the bullish zone.
    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
    Major Support Levels – $58,000, followed by $57,500.
    Major Resistance Levels – $59,500, $60,000 and $62,000.

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 39,226.00
    ethereum
    Ethereum (ETH) $ 2,489.93
    tether
    Tether (USDT) $ 1.00
    binance-coin
    Binance Coin (BNB) $ 361.21
    cardano
    Cardano (ADA) $ 1.54
    dogecoin
    Dogecoin (DOGE) $ 0.323659
    xrp
    XRP (XRP) $ 0.872990
    usd-coin
    USD Coin (USDC) $ 1.00
    polkadot
    Polkadot (DOT) $ 21.77
    uniswap
    Uniswap (UNI) $ 22.89
    bitcoin-cash
    Bitcoin Cash (BCH) $ 613.09
    litecoin
    Litecoin (LTC) $ 169.14
    solana
    Solana (SOL) $ 38.02
    chainlink
    Chainlink (LINK) $ 23.34
    binance-usd
    Binance USD (BUSD) $ 1.00
    matic-network
    Polygon (MATIC) $ 1.44
    theta-token
    Theta Network (THETA) $ 8.65
    internet-computer
    Internet Computer (ICP) $ 64.05
    stellar
    Stellar (XLM) $ 0.339781
    ethereum-classic
    Ethereum Classic (ETC) $ 58.06
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 39,159.00
    vechain
    VeChain (VET) $ 0.110732
    filecoin
    Filecoin (FIL) $ 72.97
    tron
    TRON (TRX) $ 0.071034
    dai
    Dai (DAI) $ 1.00
    eos
    EOS (EOS) $ 5.03
    monero
    Monero (XMR) $ 262.66
    aave
    Aave (AAVE) $ 311.58
    cdai
    cDAI (CDAI) $ 0.021502
    kusama
    Kusama (KSM) $ 420.67
    okb
    OKB (OKB) $ 13.85
    neo
    NEO (NEO) $ 49.80
    shiba-inu
    Shiba Inu (SHIB) $ 0.000007
    algorand
    Algorand (ALGO) $ 1.08
    bitcoin-sv
    Bitcoin SV (BSV) $ 169.86
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022097
    amp-token
    Amp (AMP) $ 0.064493
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.120352
    pancakeswap-token
    PancakeSwap (CAKE) $ 16.63
    iota
    IOTA (MIOTA) $ 1.07
    cosmos
    Cosmos (ATOM) $ 12.45
    celsius-degree-token
    Celsius Network (CEL) $ 6.96
    theta-fuel
    Theta Fuel (TFUEL) $ 0.551985
    compound-ether
    cETH (CETH) $ 49.71
    ftx-token
    FTX Token (FTT) $ 32.93
    maker
    Maker (MKR) $ 3,142.38
    tezos
    Tezos (XTZ) $ 3.25
    leo-token
    LEO Token (LEO) $ 2.81
    klay-token
    Klaytn (KLAY) $ 1.02
    avalanche-2
    Avalanche (AVAX) $ 14.61