TA: Bitcoin Breaks Key Hurdle, Why BTC Could Surge Above $60K

TA: Bitcoin Breaks Key Hurdle, Why BTC Could Surge Above $60K

Bitcoin value gained bullish momentum above the $57,000 resistance in opposition to the US Dollar. BTC is now buying and selling properly above $58,000 and it’s prone to proceed larger.

  • Bitcoin is up over 5% and it broke the important thing $58,000 resistance stage.
  • The value is now properly above the $58,000 resistance and the 100 hourly easy transferring common.
  • There was a break above a significant bearish development line with resistance close to $57,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is prone to proceed larger in the direction of the $60,000 and $60,500 ranges within the close to time period.

Bitcoin Price is Gaining Momentum

After forming a base above $55,000, bitcoin began a recent enhance. BTC broke many hurdles close to $57,000 and $58,000 (as discussed yesterday) to maneuver right into a optimistic zone.

There was a break above a significant bearish development line with resistance close to $57,500 on the hourly chart of the BTC/USD pair. The pair even broke the 61.8% Fib retracement stage of the important thing decline from the $61,695 excessive to $53,220 low.

It opened the doorways for extra features and the value even climbed above $59,000. A excessive is shaped close to $59,623, and the value is now properly above the $58,000 resistance and the 100 hourly easy transferring common.

Bitcoin Price

Source: BTCUSD on TradingView.com

An preliminary assist is close to the $58,250 stage. It is near the 23.6% Fib retracement stage of the latest enhance from the $53,797 swing low to $59,623 excessive. On the upside, the value is dealing with resistance close to the $59,500 stage. The subsequent key resistance is close to the $60,000 stage. A transparent shut above the $60,000 stage may open the doorways for a larger increase in the direction of $61,500 within the close to time period.

Fresh Dip in BTC?

If bitcoin fails to proceed larger above the $60,000 resistance, it may begin a recent decline. The first key assist on the draw back is close to the $57,500 stage.

The predominant assist is now forming close to the $57,000 stage and the 100 hourly easy transferring common. Any extra losses would possibly name for a check of the $55,000 assist zone within the coming classes.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now properly above the 50 stage.

Major Support Levels – $57,500, adopted by $57,000.

Major Resistance Levels – $59,500, $60,000 and $61,500.

Published at Thu, 18 Mar 2021 03:08:19 +0000

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