.Signs of Increase in Bitcoin – Watch Out For These Levels! – Bitcoin price is trading in a bullish zone above $ 57,600 against the US Dollar. BTC is likely to accelerate higher after clearing the $ 59,800 and $ 60,000 resistance levels.
Bitcoin is trading in a positive territory, but is facing hurdles close to $ 60,000.
The price is currently well above the $ 58,000 support and the 100 hourly simple moving average.
The hourly chart of the BTC / USD pair features a major bullish trend line formed with support near $ 57,800.
The pair could start a sharp rally if it clears the $ 59,800 and $ 60,000 resistance levels.
Bitcoin Price Shows Positive Signs
Bitcoin mostly traded in a positive zone above the $ 57,000 pivot level. BTC pushed its upward move above the $ 59,500 resistance level and settled nicely above the 100 hourly simple moving average.
The bulls, however, faced strong resistance near the $ 59,800 and $ 60,000 resistance levels. A high was formed around $ 59,829 before a downside correction was made. The price dropped below the $ 59,000 and $ 58,000 levels.
There was also an increase below the $ 57,500 level, but the bulls maintained the 100 hourly simple moving average. A low was formed near the $ 56,800 level and the price is now above $ 58,000. The bulls pushed Bitcoin above the 50% Fib retracement level of the drop from $ 59,829 to $ 56,800.
It is currently trading well above the $ 58,000 support and the 100 hourly simple moving average. Also, there is a major bullish trend line formed with support near $ 57,800 on the hourly chart of the BTC / USD pair.
The main hurdle is near the $ 59,800 and $ 60,000 levels. A successful close above the $ 60,000 level will likely pump the price towards the $ 62,000 level in the next sessions.
Supported Drops in BTC?
If Bitcoin fails to move above $ 59,800 and $ 60,000, there could be a downside correction. The first major downside support is near the $ 58,400 level.
The next major support is near the $ 58,000 level, the 100 hourly SMA and the trend line. If a downside break occurs below the trend line, the price could revisit $ 56,800.
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 well above the 50 level.
Major Support Levels – $ 58,500 followed by $ 58,000.
Major Resistance Levels – $ 59,800, $ 60,000 and $ 60,800.
