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Bitcoin extended its rally above the $55,000 resistance against the US Dollar. BTC could correct lower, but the bulls might aim more gains towards $60K.

  • Bitcoin climbed higher above the $52,000 and $54,000 resistance levels.
  • The price is now trading above $53,000 and the 100 hourly simple moving average.
  • There is a connecting bullish trend line forming with support near $53,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise above the $55,500 and $56,500 resistance levels in the near term.

Bitcoin Price Extends Rally

Bitcoin price started a strong increase above the $50,000 resistance. BTC even broke the $52,000 resistance level and settled above the 100 hourly simple moving average.

The upward move was such that the price broke the $53,200 resistance. It even spiked above the $55,000 level. A high is formed near $55,770 and the price is now consolidating gains. An immediate support on the downside is near the $55,000 level.

It is close to the 23.6% Fib retracement level of the upward move from the $50,366 swing low to $55,777 high. There is also a connecting bullish trend line forming with support near $53,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an initial resistance is near the $55,500 level. The first major resistance is near the $56,200 level, above which the price could accelerate higher. The next major resistance for the bulls may possibly be near the $58,000 level. Any more gains could set the pace for a move towards the $60,000 level.

Dips Limited In BTC?

If bitcoin fails to clear the $56,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $55,000 level.

The first major support is now forming near the $54,200 level. The next major support is near the $53,000 level and the trend line. It is near the 50% Fib retracement level of the upward move from the $50,366 swing low to $55,777 high. If there is a break below the trend line support, the price might decline towards the $50,000 level and the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is still moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.

Major Support Levels – $55,000, followed by $53,000.

Major Resistance Levels – $55,500, $56,200 and $58,000.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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