Bitcoin has started another recovery attempt. As high as $58.222, Bitcoin is currently consolidating its gains. According to technical analysis by NewsBTC’s Aayush Jindal, it could gain momentum if there is a close above the $58,000 resistance.
Bitcoin Continues Its Struggle
Bitcoin formed a decent base above the $55.500 support zone and is currently attempting a decent recovery. BTC broke the $56,500 and $57,000 resistance levels and there was a break above a major bearish trend line with resistance near $57,100 on the hourly chart of the BTC/USD pair. The pair even climbed above the $57,500 level and the 100 hourly simple moving average and formed a local top near $58,222. BTC is now consolidating its gains.
An immediate support is near the $57,500 level. The first major support is currently formed near the $57,000 level. The 50% Fib retracement level of the rise from the $55,909 high to $58.222 high is also near $57,000. The next major support is near the $56,500 level, below which the price could decline towards the main breakout support at $55,500.
Will Bitcoin Rise?
According to Jindal, if Bitcoin stays above the $56,500 support, it could continue to rise. On the upside, an initial resistance is near the $58,000 level. The next key resistance is near the $58,500 level. A close above the $58,000 and $58,500 levels is likely to start a steady rise in the near term. The next major resistance is sitting near the $60,000 level.
What Do Technical Indicators Say?
- Hourly MACD – The MACD is now losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.
- Main Support Levels – 56.500 then $56,000
- Main Resistance Levels – $58,000, $58,500 and $60,000
