TA: Why Bitcoin Breaking This Resistance Could Spark a Significant Surge

TA: Why Bitcoin Breaking This Resistance Could Spark a Significant Surge

Bitcoin price is trading in a bullish zone above $57,600 against the US Dollar. BTC is likely to accelerate higher once it clears the $59,800 and $60,000 resistance levels.

  • Bitcoin is trading in a positive zone, but it is facing hurdles near $60,000.
  • The price is now well above the $58,000 support and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $57,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a sharp rally if it clears the $59,800 and $60,000 resistance levels.

Bitcoin Price is Showing Positive Signs

Bitcoin mostly traded in a positive zone above the $57,000 pivot level. BTC extended its upward move above the $59,500 resistance level and it settled nicely above the 100 hourly simple moving average.

However, the bulls faced a strong resistance near the $59,800 and $60,000 resistance levels. A high was formed near $59,829 before there was a downside correction. The price declined below the $59,000 and $58,000 levels.

There was also a spike below the $57,500 level, but the bulls protected the 100 hourly simple moving average. A low is formed near the $56,800 level and the price is now back above $58,000. The bulls pushed bitcoin above the 50% Fib retracement level of the downward move from the $59,829 high to $56,800 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is currently trading well above the $58,000 support and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $57,800 on the hourly chart of the BTC/USD pair.

Bitcoin seems to be consolidating just above the 76.4% Fib retracement level of the downward move from the $59,829 high to $56,800 low. The key hurdle is near the $59,800 and $60,000 levels. A successful close above the $60,000 level will most likely pump the price towards the $62,000 level in the coming sessions.

Dips Supported in BTC?

If bitcoin fails to climb above $59,800 and $60,000, there could be a downside correction. The first major support on the downside 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 there is a downside break 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.

Published at Thu, 01 Apr 2021 03:08:09 +0000

ALTCOIN NEWS BITCOIN NEWS BLOCKCHAIN NEWS CRYPTOCURRENCY NEWS ETHEREUM NEWS EXCHANGES NEWS LITECOIN NEWS MARKET NEWS REGULATION NEWS
Gamestop
Important Facts of Gamestop Entering into Cryptomarket
UniFarm
UniFarm Raises $2 Million After Launching Innovative Farming Pool Featuring 17 Top DeFi Projects
XRP, FTX Token, Waves Price Analysis
#HODL #SHILL YOUR SH*T COIN! #SPOTTED! #VIRALS BITCOIN SCAM WATCH FUN QUIZZES
bitcoin-scams
Top 5 Bitcoin Scams you should be aware of!
Instagram Influencer Accused of Scamming Followers Out of $2.5M In Bitcoin Scams
five assorted color cars parked inside room
WHAT WILL YOU BUY WITH YOUR BULL MARKET GAINS?
FAQ'S INTRODUCTION TO BITCOIN INTRODUCTION TO BLOCKCHAIN INTRODUCTION TO CRYPTOCURRENCY EXCHANGES
Cryptocurrency
4 Amazing Perspectives of Cryptocurrency Characteristics, Everyone Should know
How bitcoin Transactions Work
Bitcoin For Beginners: 5 Plus Important Reasons Why You Should Understand The Future Impact of Bitcoin On Society
blockchain
5 Important points about Blockchain, Cryptocurrency, and Bitcoin(Safe or Not)
EXCHANGES WALLETS
coinbase
4 Best Crypto Coins on Coinbase
flat lay gadgets beside bearded man
ULTIMATE LIST : BEST BITCOIN AND CRYPTOCURRENCY WALLETS 2021
person shopping online
2021 BEST BITCOIN AND CRYPTOCURRENCY HARDWARE WALLETS TO STORE YOUR COINS SAFE

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.