- Bitcoin price started a fresh increase after testing the $47,000 support against the US Dollar.
- The price is now trading well above $55,000 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $55,100 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to continue higher above the $56,000 and $57,000 levels in the near term.
Bitcoin price is rising steadily above $52,000 against the US Dollar. BTC is now consolidating gains and it is likely to rise further above the $56,000 level.
Bitcoin Price Analysis
After a steady decline, bitcoin price found support near the $47,000 zone against the US Dollar. BTC formed a support base and it started a fresh increase above the $50,000 resistance zone.
It broke many key hurdles near the $52,000 level. There was also a break above the 23.6% Fib retracement level of the key decline from the $64,987 swing high to $47,020 swing low. It is now trading nicely above $55,000 and the 55 simple moving average (4-hours).
There was also a break above a major bearish trend line with resistance near $55,100 on the 4-hours chart of the BTC/USD pair. An immediate resistance is near the $56,000 zone.
The 50% Fib retracement level of the key decline from the $64,987 swing high to $47,020 swing low is acting as a key resistance. If there is an upside break above the $56,000 zone, the price is likely to accelerate higher in the near term.
The next major hurdle is near the $57,000 level, above which the price is likely to climb higher towards the $58,500 and $60,000 levels. A successful break and close above $58,500 and could open the doors for a move towards the $60,000 level.
On the downside, the $55,000 level is a decent support. The main breakdown support is near the $53,800 level, below which there could be a sharp decline towards $50,000.
Looking at the chart, bitcoin price is clearly well above the $53,000 zone and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above the $56,000 and $57,000 levels in the near term.
Technical indicators
4 hours MACD – The MACD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is well above the 50 level.
Key Support Levels – $55,000 and $53,800.
Key Resistance Levels – $56,000, $57,000 and $58,500.
