Bitcoin price started a downside correction from the $ 61,700 high against the US Dollar. BTC is gaining above the $ 58,500 and $ 58,000 support levels.
Bitcoin price started a downside correction from the $ 61,700 high against the US Dollar. BTC is gaining above the $ 58,500 and $ 58,000 support levels.
Bitcoin gained bullish momentum above $ 60,000 and even traded above $ 61,500.
The price dropped below $ 60,000, but still well above the 100 hourly simple moving average.
There is a key bullish trend line formed with support near $ 58,200 on the hourly chart of the BTC / USD pair.
The pair is heading up again and it seems likely the bulls will target a $ 62,000 test.
Bitcoin Price Remained Strongly Up
There was a strong rise in Bitcoin above the $ 55,000 and $ 58,000 resistance levels. BTC even cleared the $ 60,000 resistance and settled well above the 100 hourly simple moving average.
It rose to an all-time high of $ 61,700 before starting a downside correction. There was a break below the $ 61,000 support level. The price even traded below the 23.6% Fib retracement level of the move from the $ 56,124 low to $ 61,700.
However, the bulls were active above the $ 58,500 and $ 58,800 levels. Also, there is a key bullish trend line formed with support near $ 58,200 on the hourly chart of the BTC / USD pair.
Bitcoin also held steady above the 50% Fib retracement level of the upward move from the $ 56,124 low to $ 61,700. It is currently rising and trading nicely above $ 59,500. An immediate resistance is near the $ 61,000 level.
The next major resistance is near the $ 61,700 high. It seems that the price could continue to rise and even exceed the $ 62,000 level in the near term.
Supported Drops in BTC?
If Bitcoin fails to clear the $ 61,000 resistance, it could correct a lower level. The first key support on the downside is near the $ 59,000 level.
The main support is near the trend line and at $ 58,500. Further losses could require testing of the $ 58,000 support level. If there is a negative break below $ 58,000, the price could slide towards the $ 56,200 level in the next sessions.
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 again above the 50 level.
Major Support Levels – $ 59,000 followed by $ 58,200.
Major Resistance Levels – $ 61,000, $ 61,700 and $ 62,000.
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