Bitcoin is gaining ground against the US Dollar, trading above $54,000. If there would be a clear break well above $56,000 resistance zone for bitcoin, it could accelerate higher.
- Above the $54,500 level, Bitcoin remains well supported.
- The price is currently trading above the $55,000 level as well as the 100 hourly simple moving average.
- Also on hourly chart of the BTC/USD pair, a significant declining channel is starting to form with resistance near $55,650. (data feed from Kraken).
- The pair may resume its rally if a clear break just above $56,000 resistance occurs.
? The Bitcoin Price Continues Its Uptrend
Bitcoin price continues to remain in the green and surpassed the $55,000 resistance.
BTC even broke through the $56,000 barrier and established just above 100 hourly simple moving average.
Even so, the price struggled to break through the $56,000 level.
Prior to the downside correction, a peak was formed near $56,500.
The price has corrected lower and is now trading under the $56,000 level.
In addition, even lower, the price traded far below $55,000 level and surged below the 100 hourly simple moving average.
Bitcoin gained support next to $54,500 and a low of $54,396 was established.
The price has now risen above the $55,500 level. A break well above 23.6% Fib retracement level of the recent downturn from the $56,500 swing high to the $54,396 low occurred.
Currently, it is facing a resistance close the $55,500 level.
On the hourly chart of the BTC/USD pair, a significant declining channel is forming with resistance near $55,650.
Resistance in the channel is near the 50% Fib retracement level of the decline from the $56,500 swing high to the $54,396 low.
The primary resistance is trying to form near the $56,000 level, which if broken would likely accelerate the price higher.
Finally, the next significant resistance level is near $57,200. Any additional gains could pave the way for a push towards the $58,000 mark.
? Are the Bitcoin Dips Supported?
If bitcoin fails to break through the $56,000 resistance area, it is possible that it will correct lower. On the downside, immediate support is located near the $55,000 level.
The first significant support is beginning to form close the $54,500 level. The next significant support is near the $54,000 level, below where a larger decline is possible.
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