TA: Bitcoin Takes 100 SMA Back, Here's Why BTC Can Continue Uptrend?

Bitcoin's price started another surge above the $ 57,500 resistance against the US dollar. BTC is showing positive signs above the $ 58,000 and 100 hourly SMA. Bitcoin continued to bid well above the $ 56,000 level and started rising again. The price is currently trading above the $ 58,000 level and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $ 57,100 on the hourly chart of the BTC / USD pair (data feed from Kraken). The pair may correct on the downside, but the bulls should remain active near $ 57,800 and $ 57,500. Bitcoin price turns green Bitcoin dropped as low as $ 55,492 where the bulls took a strong position. As a result, BTC started another rise above the $ 56,500 and $ 57,000 resistance levels. The price pushed the 50% Fib retracement level of the downward swing swing low from the $ 59,475 low to the $ 55,492 low. There was also a break above a major bearish trend line with resistance near $ 57,100 on the hourly chart of the BTC / USD pair. It is currently trading above the $ 58,000 level and the 100 hourly simple moving average. Instant resistance is near the $ 58,275 level. The 76.4% Fib retracement level of the downward swing move was also lowered from $ 59,475 to $ 55,492 and is near the $ 58,500 level. Source: A sharp break above the $ 57,275 and $ 58,500 resistance levels on TradingView.com could open the way for more gains. The next key resistance on the upside is near the $ 59,500 level. The main resistance is still near the $ 60,000 area. Are drops supported in BTC? If Bitcoin does not break above $ 58,275 and $ 58,500, there could be a short-term downward correction. Initial bearish support is near the $ 57,750 level and the 100 hourly easy moving average. The next major support is near the $ 57,500 level (last breakout zone). If the bulls fail to hold the 100-hour SMA at $ 57,500, there is a chance for a steady decline. In the case mentioned, the price could drop to $ 56.5. Read more

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