Bitcoin Preparing For New Levels – Kriptom

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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