- Bitcoin price started a strong increase above the $55,000 zone against the US Dollar.
- The price is now trading above $55,500 and the 55 simple moving average (4 hours).
- There was a break above a key bullish flag with resistance at $52,000 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to rise if it stays above the $56,000 support zone.
Bitcoin price is showing positive signs above $56,000 against the US Dollar. BTC might correct lower, but dips could be limited below the $55,000 zone.
Bitcoin Price Analysis
Bitcoin price started a strong increase above the $52,500 resistance zone. The price remained stable above the $55,000 level and traded in a positive zone.
There was a break above a key bullish flag with resistance at $52,000 on the 4-hour chart of the BTC/USD pair. The price even rallied above the $56,000 resistance zone. However, the price seems to be struggling near the $57,650 zone. A high was formed near $57,646 and the price is now consolidating gains.
The price traded below $57,000 but it is still above the 23.6% Fib retracement level of the upward move from the $50,901 swing low to the $57,646 high.
Bitcoin is now trading above $55,500 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $57,500 level. The first major resistance is near the $58,000 level, above which the price could rise toward the $59,200 zone.
Any more gains might send the price toward the $60,000 zone. If there is no upside break, the price might start a downside correction below $56,000.
The next key support is near the $54,250 level or the 50% Fib retracement level of the upward move from the $50,901 swing low to the $57,646 high. Any more losses might call for a move toward the $52,250 level.
Looking at the chart, Bitcoin price is trading above $55,500 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $55,000 support zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $56,000 and $55,000.
Key Resistance Levels – $57,500, $58,000, and $60,000.
