Bitcoin price gained momentum and rose above the $ 57,000 level against the US Dollar. According to the famous analyst Aayush Jindal, who made successful predictions, the bitcoin price could break the $ 58,500 resistance and initiate a strong rally.
Bitcoin price started to rise steadily and broke the $ 56,500 resistance zone.
The price is currently trading well above the $ 56,000 level and the 100 hourly simple moving average.
There is a key bullish trend line formed with support near $ 56,800 on the hourly chart of the BTC / USD pair (data feed from Kraken).
The pair could start a strong rally if it clears the $ 58,500 resistance zone in the near term.
Analyst: Bitcoin price could start a strong rally if it clears the $ 58,500 resistance zone
Bitcoin price failed to clear the $ 58,500 resistance and corrected lower. BTC traded below the $ 57,000 level, but remained well above the 100 hourly simple moving average. A low was formed around $ 56,112 and the price started a new high recently. Later, there was a break above the $ 56,500 and $ 57,000 resistance levels.
Bitcoin price surged above the 50% Fib retracement level of the downward move. Currently, BTC is trading well above the $ 56,000 level and the 100 hourly simple moving average. There is also a key bullish trend line formed with support near $ 56,800 on the hourly chart of the BTC / USD pair.
Here are the levels that the bitcoin price can visit today
The pair is currently consolidating just above the 76.4% Fib retracement level of the downward move from $ 58,550 to $ 56,112. The first major resistance on the upside is near the $ 58,500 level, according to the analyst. A successful break above $ 58,500 could set the pace of a strong rally, according to the analyst. In the given case, according to the analyst, the initial target for bulls could be $ 60,000. The next key point for them could possibly be $ 62,000, according to the analyst.
If bitcoin price fails to cross the $ 58,500 resistance, it could once again correct the drop. The first downside support is near the $ 57,500 level. The first major support is near the $ 57,000 level and the trend line, according to the analyst. A bearish break below the trend line might require testing the $ 56,000 support and the 100 hourly simple moving average, according to the analyst.
Current view of Bitcoin price with technical indicators
Hourly MACD: The MACD for BTC / USD 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: $ 57,500 followed by $ 57,000.
Major Resistance Levels: $ 58,500, $ 60,000 and $ 62,000.
Here are Aayush Jindal’s successful predictions
Famous crypto money analyst Aayush Jindal is a name who has successfully analyzed tactics in Bitcoin, Ethereum, Ripple, Chanlink and many altcoins. Aayush Jindal has a history of successfully setting critical levels for many cryptocurrencies. The veteran analyst also correctly predicted the recent drop of BTC to $ 28,500. In addition, the analyst successfully predicted the price movements of BTC in the past weeks.