Bitcoin price is recovering nicely above $55,000 against the US Dollar. BTC is likely to start a strong increase if there is a daily close above the $57,000 resistance.
- Bitcoin started a fresh increase above the $55,000 and $55,500 resistance levels.
- The price is now well above $55,000 and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $55,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair could rally towards the $60,000 level if there is a close above the $57,000 resistance zone.
Bitcoin Price is Showing Positive Signs
This past week, bitcoin price testes the $50,500 support zone and started a fresh increase against the US Dollar. The BTC/USD pair formed a support base above $52,000 and recently started a fresh increase.
The price broke the $53,000 and $53,500 resistance levels to move into a positive zone. It opened the doors for a break above the $55,000 resistance zone. There was a break above the 50% Fib retracement level of the downward move from the $57,235 swing high to $50,400 swing low.
Source:Moreover, there was a break above a major bearish trend line with resistance near $55,000 on the 4-hours chart of the BTC/USD pair. The pair is now trading above the 76.4% Fib retracement level of the downward move from the $57,235 swing high to $50,400 swing low. An immediate resistance is near the $57,000 level and the 100 simple moving average (4-hours). A successful break and close above the $57,000 resistance zone could open the doors for a move towards the $60,000 resistance zone in the coming sessions.