Bitcoin price is trading in a bullish zone above $ 57,600 against the US Dollar. BTC is likely to accelerate higher after clearing the $ 59,800 and $ 60,000 resistance levels.
Increase expectation in Bitcoin
Bitcoin is trading in a positive territory, but is facing hurdles close to $ 60,000.
The price is currently well above the $ 58,000 support and the 100 hourly simple moving average.
The hourly chart of the BTC / USD pair features a major bullish trend line formed with support near $ 57,800.
The pair could start a sharp rally if it clears the $ 59,800 and $ 60,000 resistance levels.
If Bitcoin fails to move above $ 59,800 and $ 60,000, there could be a downside correction. The first major downside support is near the $ 58,400 level.
The next major support is near the $ 58,000 level, the 100 hourly SMA and the trend line. If there is a negative break below the trend line, the price may revisit $ 56,800.
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is well above the 50 level.
Major Support Levels – $ 58,500 followed by $ 58,000.
Major Resistance Levels – $ 59,800, $ 60,000 and $ 60,800.