{"id":458854,"date":"2021-03-17T03:08:55","date_gmt":"2021-03-17T03:08:55","guid":{"rendered":"https:\/\/uniquehot.com\/?p=458854"},"modified":"2024-06-11T14:14:01","modified_gmt":"2024-06-11T14:14:01","slug":"bitcoin-btc-could-climb-above-58k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-could-climb-above-58k\/","title":{"rendered":"TA: Bitcoin Forms Bullish Pattern, Why BTC Could Climb Above $58K"},"content":{"rendered":"
Bitcoin price started a fresh increase after a drop towards $53,000 against the US Dollar. BTC is now forming an inverse head and shoulders, with chances of a break above $58,000.<\/em><\/p>\n After a sharp decline, bitcoin found support<\/a> above the $53,000 level. BTC traded as low as $53,222 and recently started a fresh increase. It cleared the $54,200 and $55,000 resistance levels.<\/p>\n There was a recovery above the 23.6% Fib retracement level of the downward move from the $61,695 high to $53,220 low. The price even climbed above the $56,000 level. However, the price is facing resistance near $58,000 and the 100 hourly simple moving average<\/a>.<\/p>\n It seems like there is a possible inverse head and shoulders pattern forming with resistance near the $57,000 level. There is also a key bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC\/USD pair.<\/p>\n <\/a><\/p>\n The trend line is close to the 50% Fib retracement level of the downward move from the $61,695 high to $53,220 low. A successful break above the trend line resistance could open the doors for a decent increase towards the $58,800 and $60,000 levels.<\/p>\n If bitcoin fails to correct higher above the $57,000 and $58,000 resistance levels, it could start a fresh decline. The first key support on the downside is near the $55,000 level.<\/p>\n The next key support is near the $54,200 level. If there is a clear break below the $54,200 level, the price is likely to continue lower in the coming sessions. The next major support is near $53,200, below which the bears might aim a test of the $50,000 support level.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly gaining momentum in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to stay above the 50 level.<\/p>\n Major Support Levels \u2013 $55,000, followed by $54,200.<\/p>\n Major Resistance Levels \u2013 $57,000, $57,500 and $58,000.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price started a fresh increase after a drop towards $53,000 against the US Dollar. BTC is now forming an inverse head and shoulders, with chances of a break above $58,000. Bitcoin is showing positive signs above the $55,000 support zone. The price is now facing resistance near $58,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely setting up for an upside break above the $58,000 resistance. Bitcoin Price is Recovering After a sharp decline, bitcoin found support above the $53,000 level. BTC traded as low as $53,222 and recently started a fresh increase. It cleared the $54,200 and $55,000 resistance levels. There was a recovery above the 23.6% Fib retracement level of the downward move from the $61,695 high to $53,220 low. The price even climbed above the $56,000 level. However, the price is facing resistance near $58,000 and the 100 hourly simple moving average. It seems like there is a possible inverse head and shoulders pattern forming with resistance near the $57,000 level. There is also a key bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com The trend line is close to the 50% Fib retracement level of the downward move from the $61,695 high to $53,220 low. A successful break above the trend line resistance could open the doors for a decent increase towards the $58,800 and $60,000 levels. Fresh Dip in BTC? If bitcoin fails to correct higher above the $57,000 and $58,000 resistance levels, it could start a fresh decline. The first key support on the downside is near the $55,000 level. The next key support is near the $54,200 level. If there is a clear break below the $54,200 level, the price is likely to continue lower in the coming sessions. The next major support is near $53,200, below which the bears might aim a test of the $50,000 support level. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to stay above the 50 level. Major Support Levels \u2013 $55,000, followed by $54,200. Major Resistance Levels \u2013 $57,000, $57,500 and $58,000.<\/p>\n","protected":false},"author":67,"featured_media":458856,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-458854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price is Recovering<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Fresh Dip in BTC?<\/h2>\n