Bitcoin price remained above the $57,650 support area. Bitcoin price is now rising and a move above the $60,000 resistance area could target.
- Bitcoin started the recovery wave above the $58,500 resistance area.
- The price is trading below the $60,000 level and the 100-hour simple moving average.
- There is a connected bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair may try to rise again if it settles above the $60,000 resistance area.
Bitcoin price is heading for another rise
Bitcoin price started a downside correction below $60K. Bitcoin price dropped below $59,500 and $58,000 levels to move into a short-term bearish zone. A low was formed at $57,690 and the price recently started a recovery wave.
There was a move above the $58,000 and $58,500 levels. The price rose above the 50% Fib retracement level of the downward move from the $61,800 swing high to $57,690 swing low.
Bitcoin price is now trading below $60,000 and the 100-hour simple moving average. On the upside, the price could face resistance near the $60,000 level. A connected bearish trend line is forming with resistance at $60,000 on the hourly chart of BTC/USD.
The first major resistance is near the $60,250 level. It is close to the 61.8% Fib retracement level of the downside move from the $61,800 swing high to $57,690 swing low. A clear move above the $60,250 resistance could push the price higher in the coming sessions. The next major resistance could be at $61,200.
The next major hurdle lies at the $62,500 level. A close above the $62,500 resistance level could lead to further gains. In the mentioned case, the price could rally and test the $64,200 resistance level.
Another Bitcoin Drop?
If Bitcoin fails to rise above the $60,000 resistance area, it could start declining again. Immediate support on the downside is near the $58,800 level.
The first major support is $57,650. The next support is now near the $57,000 area. Any further losses could push the price towards the $55,500 or even $55,000 support area in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $58,500, followed by $57,650.
Key resistance levels – $60,000, $60,250.
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