Bitcoin is trading above the $56,200 support against the US Dollar. BTC must clear $58,500 to start a major increase in the coming sessions.
- Bitcoin is struggling to gain pace above the $58,000 and $58,500 levels.
- The price is still trading above $57,000 and the 100 hourly simple moving average.
- There is a major contracting triangle forming with resistance near $58,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $58,500 resistance to start a steady increase in the near term.
Bitcoin Price is Showing Bullish Signs
Bitcoin price corrected lower below the $57,000 support level. However, BTC remained stable above the $56,200 support level and the 100 hourly simple moving average.
The recent low was near $56,555 and the price is now moving higher. It broke the $57,000 resistance zone. There was a break above the 23.6% Fib retracement level of the recent decline from the $59,230 swing high to $56,555 low.It is still trading above $57,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $57,850 level. It is near the 50% Fib retracement level of the recent decline from the $59,230 swing high to $56,555 low.
The first major resistance is near the $58,200 level. There is also a major contracting triangle forming with resistance near $58,200 on the hourly chart of the BTC/USD pair.
Source:A clear break above the $58,200 resistance zone could open the doors for more upsides. The next key resistance is near the $58,500 level, above which the bulls could aim a test of $60,000. Any more gains might push the price towards $61,200.