TA: Bitcoin Price Breaks Hurdle, Here’s Why Bulls Could Aim $58K
Bitcoin price gained pace and it cleared the $53,000 resistance zone against the US Dollar. BTC is consolidating and it seems ready for more gains above $54,000.
- Bitcoin remained well bid and it was able to clear the $53,000 resistance.
- The price is now trading well above $52,000 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance near $54,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue higher above the $54,000 and $54,500 resistance levels.
Bitcoin Price is Gaining Pace
Bitcoin remained well supported above the $51,000 level and it managed to extend gains. BTC gained bullish momentum above the $52,000 resistance and the 100 hourly simple moving average.
It even cleared the $53,000 and $53,500 resistance levels. A high is formed near $54,455 and the price is now consolidating gains. It already tested the $53,000 support level. The 23.6% Fib retracement level of the recent wave from the $47,010 swing low to $54,455 high is acting as a support.
It seems like there is a key contracting triangle forming with resistance near $54,000 on the hourly chart of the BTC/USD pair. The pair is now trading well above $52,000 and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
If there is a clear break above the $54,000 resistance zone, the price is likely to accelerate higher. The next key resistance is near the $54,500 level, above which the doors could open for a run up towards the $58,000 barrier in the near term.
Dips Limited in BTC?
If bitcoin fails to clear the $54,500 and $55,000 resistance levels, it could start a downside correction. An immediate support on the downside is near the $53,000 level.
The first key support is near the $51,250 level. The 50% Fib retracement level of the recent wave from the $47,010 swing low to $54,455 high is also near the $50,700 level to act as a support. Moreover, the 100 hourly simple moving average is at $50,500 to act as a strong support in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 55 level.
Major Support Levels – $53,000, followed by $51,250.
Major Resistance Levels – $54,500, $55,000 and $58,000.
OhNoCrypto
via https://www.ohnocrypto.com
Aayush Jindal, @KhareemSudlow
