Bitcoin price reinforces gains above the $ 58,000 resistance against the US dollar

Bitcoin is showing many bullish signs, but still lies below the $ 60,000 resistance zone.

The price is trading nicely above the $ 58,000 support and the 100 hourly simple moving average.

The hourly chart of the BTC / USD pair includes a crucial contract triangle with resistance near $ 59,200.

The pair could start a strong increase once it clears the $ 59,200 and $ 59,500 levels.

Bitcoin Price Likely To Rise Soon

Bitcoin failed to break above the $ 59,500 resistance and recently initiated a downside correction. BTC broke the $ 59,000 level and even traded below the $ 58,500 support.

However, the bulls were active near the $ 58,000 support and the 100 hourly simple moving average. A low of around $ 57,922 has occurred and the price appears to be trading in a contract range. It has already climbed above the $ 58,500 level.

There was a break above the 50% Fib retracement level of the last decline from the $ 59,650 low to $ 57,922. Bitcoin is currently facing resistance near the $ 59,200 level.

There appears to be a crucial contract triangle with resistance near $ 59,200 on the hourly chart of the BTC / USD pair.

A successful break above triangle resistance could open the door to a major bullish wave. The next major resistance is near the $ 59,500 zone, where the price is likely to break above $ 60,000.

Are Declines Limited in BTC?

If Bitcoin fails to move above $ 59,200 and $ 60,000, there could be a downside correction. The first major support on the downside is near the $ 58,500 level.

The next major support is near the $ 58,350 level, the 100 hourly SMA and the triangle trend line. If there is a downside break below the triangle support, the price could drop to $ 56,500.

Technical Indicators

Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is just above the 50 level.

Major Support Levels – $ 58,500 followed by $ 58,350.

Major Resistance Levels – $ 59,200, $ 59,500 and $ 60,000.