Bitcoin price remained in a positive zone, trading at a new all-time high above USD 58,000 against the US dollar. BTC is now correcting gains but should continue to climb towards $ 60,000.
- Bitcoin extended its surge above $ 57,000 and traded at a new all-time high of $ 58,350.
- The price is still well above $ 55,000 and the 100 hour simple moving average.
- A major bullish trendline is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with support near USD 55,000.
- The pair could continue to rise and the bulls are likely to target a test of $ 60,000.
The Bitcoin price remains in a strong upward trend
After a strong closing price above the USD 55,000 level, Bitcoin price extended its upward trend. BTC has broken the $ 56,000 and $ 57,000 resistance levels. It even cleared the $ 58,000 level, trading at a new all-time high at $ 58,350.
There has recently been a minor downward correction below the $ 57,500 level. There was a break below the 23.6% Fib retracement level of the move up from the $ 54,000 swing low to the $ 58,350 high. The price was even below the $ 57,000 level, but the drops were limited.
Bitcoin found support near the $ 56,200 level. The 50% fib retracement level of the move up from the swing low of $ 54,000 to the high of $ 58,350 serves as support. A major bullish trendline is also forming on the hourly chart for the BTC / USD pair with support near USD 55,000.
Source: BTCUSD on TradingView.com
On the upside, the price is facing short-term resistance near the $ 57,500 and $ 58,000 levels. A clear break above the USD 58,000 resistance could open the doors to a new all-time high. In the named case, the cops are likely to aim for a test of $ 60,000.
Dips Limited in BTC?
If Bitcoin fails to break the resistance zone of $ 58,000, it can correct lower. Initial downside support is near the $ 56,000 level.
The first major support is near the $ 55,000 level. If there is a downside break below the $ 55,000 trendline and the 100-hour simple moving average, it could fall towards the $ 52,000 support.
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 close to the 50 level.
Major Support Levels – $ 56,000, followed by $ 55,000.
Main Resistance Levels – $ 57,500, $ 58,000, and $ 60,000.
