Bitcoin price remained above the $57,650 support zone. BTC is now rising and it could aim a rise above the $60,000 resistance zone.
- Bitcoin started a recovery wave above the $58,500 resistance zone.
- The price is trading below $60,000 and the 100 hourly moving average.
- There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could attempt a fresh increase if it settles above the $60,000 resistance zone.
Bitcoin price aims for further increase
Bitcoin price started a downside correction below the $60,000 level. BTC declined below the $59,500 and $58,000 levels to move into a short-term bearish zone. A low was formed near $57,690 and the price recently started a recovery wave.
There was a move above the $58,000 and $58,500 levels. The price climbed above the 50% Fib retracement level of the downward move from the $61,800 swing high to $57,690 swing low.
Bitcoin price is currently trading below $60,000 and the 100 hourly moving average. On the upside, the price might face resistance near the $60,000 level. There is also a connecting bearish trend line forming with resistance near $60,000 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $60,250 level. It is near the 61.8% Fib retracement level of the downward move from the swing high of $61,800 to the swing low of $57,690. A clear move above the $60,250 resistance could propel the price further higher in the coming sessions. The next key resistance could be near $61,200.
The next major hurdle is at $62,500. A close above the $62,500 resistance could trigger further upside moves. In the said case, the price could rise and test the $64,200 resistance.
Another decline in BTC?
If Bitcoin fails to clear the $60,000 resistance zone, it could start a further decline. The immediate support on the downside is near the $58,800 level.
The first key support is near $57,650. The next support is now near the $57,000 zone. Any more losses could push the price towards the $55,500 support zone or even $55,000 in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $58,500, followed by $57,650.
Key Resistance Levels – $60,000 and $60,250.
