.Bitcoin Could See These Levels Today – Price gained bullish momentum above the $ 57,000 resistance against the US dollar. BTC is currently trading above $ 58,000 and is likely to push higher.
Bitcoin climbed above 5% and broke the $ 58,000 resistance level.
The price is currently well above the $ 58,000 resistance and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $ 57,500 on the hourly chart of the BTC / USD pair.
The pair seems to continue to rise towards the $ 60,000 and $ 60,500 levels in the near term.
After building a base of over $ 55,000, Bitcoin started a new surge. BTC overcame many hurdles around $ 57,000 and $ 58,000 (as discussed yesterday) to move into a positive zone.
BTC / USD experienced a break above a major bearish trend line with resistance around $ 57,500 on the hourly chart. The pair dropped the 61.8% Fib retracement level of the key drop from the $ 61,695 to $ 53,220 high.
It opened the doors for more profits and even its price rose to over $ 59,000. A high was formed around $ 59,623 and the price is now well above the $ 58,000 resistance and the 100 hourly simple moving average.
Initial support is near the $ 58,250 level. It is near the 23.6% Fib retracement level of the recent gain from the $ 53,797 low to $ 59,623 high. On the upside, the price is facing resistance near the $ 59,500 level. The next key resistance is near the $ 60,000 level. A clear close above the $ 60,000 level could open the doors for a larger increase towards $ 61,500 in the near term.
If Bitcoin fails to continue above the $ 60,000 resistance, it could start a new decline. The first key support on the downside is near the $ 57,500 level.
The main support is currently forming near the $ 57,000 level and the 100 hourly simple moving average. Further losses could require testing of the $ 55,000 support zone in the upcoming sessions.
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well above the 50 level.
Major Support Levels – $ 57,500 followed by $ 57,000.
Major Resistance Levels – $ 59,500, $ 60,000 and $ 61,500.
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