Here Are The Support And Resistance Levels For Bitcoin That Gives A Bullish Image

Bitcoin is showing positive signs above the $ 55,000 support zone.

The price is currently facing resistance near $ 58,000 and the 100 hourly simple moving average.

The hourly chart of the BTC / USD pair features a key bearish trend line with resistance around $ 58,000.

The pair is likely set for an upside break above the $ 58,000 resistance.

Bitcoin Price Is Getting Better

After a sharp drop, Bitcoin found support above the $ 53,000 level. BTC traded as low as $ 53,222 and recently started a new surge. It cleared the $ 54,200 and $ 55,000 resistance levels.

The price even climbed above the $ 56,000 level. However, the price is facing resistance near $ 58,000 and the 100 hourly simple moving average.

There seems to be a possible reverse head and shoulders pattern formed with resistance near the $ 57,000 level. There is also a key bearish trend line showing resistance near $ 58,000 on the hourly chart of the BTC / USD pair.

A successful break above the trendline resistance could open the doors for a reasonable increase towards the $ 58,800 and $ 60,000 levels.

If Bitcoin fails to correct above the $ 57,000 and $ 58,000 resistance levels, it could initiate a new decline. The first key downside support is near the $ 55,000 level.

The next key support is near the $ 54,200 level. If there is a clear break below the $ 54,200 level, the price is likely to continue to decline in the coming sessions. The next major support is near $ 53,200, below which the bears could aim to test the $ 50,000 support level.

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 trying to stay above the 50 level.

Major Support Levels – $ 55,000 followed by $ 54,200.

Major Resistance Levels – $ 57,000, $ 57,500 and $ 58,000

To get the latest news To our Telegram channel, To our Twitter page and To our Facebook page You can subscribe.