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Bitcoin started a fresh increase above $58,000 against the US Dollar. BTC traded close to $60,000 and is currently correcting gains.

  • Bitcoin started a fresh increase above the $58,000 and $58,500 levels.
  • The price is now trading above $58,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $58,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must remain above $57,500 and the 100 hourly SMA to start another increase.

Bitcoin Price is Back above 100 SMA

Bitcoin price was stable above the $57,000 level. BTC started a fresh increase and was able to clear the $58,000 resistance zone. There was also a break above the $58,500 level and the 100 hourly simple moving average.

However, there was no test of the $60,000 resistance zone. A high was formed near $59,400 and the price is now correcting gains. There was a break below the $58,500 support level.

Besides, there was a break below a key bullish trend line with support near $58,550 on the hourly chart of the BTC/USD pair. The pair traded below the 23.6% Fib retracement level of the upward move from the $55,909 swing low to $59,400 high.

An immediate support is near the $58,200 level. The first major support is now forming near the $57,650 level. It is close to the 50% Fib retracement level of the upward move from the $55,909 swing low to $59,400 high.

Source: BTCUSD on TradingView.com

The next major support is near the $57,500 level and the 100 hourly SMA, below which the price could resume its decline towards the main breakdown support at $55,500.

Fresh Increase In BTC?

If bitcoin stays above the $57,500 support and the 100 hourly SMA, it could start a fresh increase. On the upside, an initial resistance is near the $59,000 level.

The next key resistance is near the $59,500 level. A close above the $59,000 and $59,500 levels may possibly push the price above $60,000. The next major resistance sits near the $61,200 level.

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 declining towards the 50 level.

Major Support Levels – $57,650, followed by $57,500.

Major Resistance Levels – $59,000, $59,500 and $60,000.

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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