TA: Bitcoin gaining momentum, here's what sparked a massive rally

Bitcoin's price gained momentum and stabilized above the $ 57,000 level against the US dollar. BTC is likely to break the resistance at $ 58,500 and start a strong rally. Bitcoin started to rise steadily and broke the $ 56,500 resistance zone. The price is currently trading well above the $ 56,000 level and the 100 hourly simple moving average. A major bullish trend line is forming with support near $ 56,800 on the hourly chart of the BTC / USD pair. (Kraken data feed). The pair could start a strong rally if it clears the $ 58,500 resistance zone in the short term. Bitcoin Speeding Up Price Bitcoin was unable to clear the $ 58,500 resistance and corrected downward. BTC traded below the $ 57,000 level, but remained well above the simple 100 hourly moving average. It dropped to $ 56,112 and the price recently started rising again. There was a break above the $ 56,500 and $ 57,000 resistance levels. Bitcoin surged above the 50% Fib retracement level of the downward move from $ 58,550 to $ 56,112. It is currently trading well above the $ 56,000 level and the 100 hourly simple moving average. A major bullish trend line is forming with support near $ 56,800 on the hourly chart of the BTC / pair. UNITED STATES DOLLAR. Source: On TradingView.com the BTCUSD pair is currently consolidating just above the 76.4% Fib retracement level from the $ 58,550 high swing low to $ 56,112. The first major resistance to the upside is near the $ 58,500 level. A successful break above $ 58,500 could pave the way for a strong rally. In the case mentioned, the bulls' initial target could be $ 60,000. The next big stop for them could be $ 62,000. Are the decreases limited in BTC? If Bitcoin fails to clear the $ 58,500 resistance, it may correct the bearish again. Initial bearish support is near the $ 57,500 level. The first major support is near the $ 57,000 level and the trend line. A break below the trend line, support at $ 56,000 and

Join the Discussion

Back to top