Bitcoin is showing positive signs above $ 54,000 against the US dollar. BTC could accelerate higher if there is a clear break above the USD 56,000 resistance zone.
- Bitcoin remains well supported above the $ 54,500 mark.
- The price is now trading above $ 55,000 and the 100-hour simple moving average.
- A major bearish channel is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with resistance near USD 55,650.
- The pair could start a new rally if there is a clear break above the USD 56,000 resistance.
Bitcoin price remains on the uptrend
Bitcoin price remained in positive territory, climbing above the USD 55,000 resistance. BTC even broke the $ 56,000 resistance level and settled above the 100-hour simple moving average.
However, the price failed to gain strength above the $ 56,000 zone. A high was formed at $ 56,500 before a downward correction. The price corrected down below the $ 56,000 level. The price even traded below the $ 55,000 mark and climbed below the 100-hour SMA.
Bitcoin found support at $ 54,500 and a low was made at $ 54,396. The price is now rising and trading above the $ 55,500 mark. There was a break above the 23.6% fib retracement level of the recent decline from the $ 56,500 swing high to the $ 54,396 low.
It is now facing resistance near the $ 55,500 mark. A major declining channel is also forming on the hourly chart of the BTC / USD pair with resistance near USD 55,650. Channel resistance is near the 50% fib retracement level of the recent drop from the high of $ 56,500 to the low of $ 54,396.
Source: BTCUSD on TradingView.com
The main resistance is forming near the $ 56,000 zone, above which the price could accelerate higher. The next major resistance is near the $ 57,200 mark. Further gains could set the pace for a move towards the $ 58,000 mark.
Dips supported in BTC?
If Bitcoin fails to break the USD 56,000 resistance zone, it could be corrected downwards. Immediate support on the downside is near the $ 55,000 mark.
The first major support is now forming near the $ 54,500 mark. The next big support is near the $ 54,000 mark, below which there is a risk of a major decline.
Hourly MACD – The MACD is slowly picking up pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now above the 50 mark.
Major Support Levels – $ 54,500, followed by $ 54,000.
Main Resistance Levels – $ 55,500, $ 55,650, and $ 56,000.