.Analysis: Levels To Watch In Bitcoin As The New Week Starts
Bitcoin price started to rise steadily and tested the $ 56,500 zone. BTC is currently correcting gains with many supports close to $ 54,000.
Bitcoin surged as high as $ 56,694 before starting a downside correction.
The price is still above the $ 54,000 support and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $ 55,500 on the hourly chart of the BTC / USD pair.
The pair is likely to find strong buying interest near the $ 54,000 support zone in the near term.
Bitcoin Price Continues to be Supported
After a clear break above the $ 53,200 resistance, Bitcoin extended its rise. BTC broke the $ 55,000 resistance level and settled well above the 100 hourly simple moving average.
It even climbed above $ 56,500 and reached as high as $ 56,694. It is now correcting and is trading below the $ 56,000 level. There was a break below the 23.6% Fib retracement level of the upward move from the low of $ 50,400 to $ 56,694.
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Also, there was a break below a key bullish trend line with support near $ 55,500 on the hourly chart of the BTC / USD pair. The pair is currently consolidating near the $ 55,000 level.
Initial downside support is near the $ 54,500 level. The first major support is near the $ 54,000 zone and the 100 hourly simple moving average.
A downside break below the $ 53,500 and $ 53,200 support levels could eliminate the current uptrend. In the stated situation, the price is likely to revisit $ 50,500.
A New Increase in BTC?
If Bitcoin stays above the $ 54,000 support zone and the 100 hourly SMA, there is a chance for a new increase. An initial resistance on the upside is near the $ 56,200 zone.
The first major resistance is near the $ 56,500 level. The main resistance is still around $ 57,000 and $ 57,200, above that the price is likely to go up further.
Technical Indicators
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently just below the 50 level.
Major Support Levels – $ 54,500 followed by $ 54,000.
Major Resistance Levels – $ 56,000, $ 56,500 and $ 57,200.
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