Bitcoin price corrects gains from $ 60,000 against the US Dollar. Unless there is a close below $ 56,500 and $ 55,250, BTC is likely to start a new increase.
Significant levels in Bitcoin
Bitcoin gained momentum above $ 58,000, but failed to rise above $ 60,000.
The price is currently trading above the $ 56,500 support and the 100 simple moving average (4 hours).
On the 4-hour chart of the BTC / USD pair, there is an important bullish trend line formed with support near $ 56,800.
Unless the bears gain strength below $ 56,500 in the near term, the pair could start a new upswing.
If Bitcoin stays above the $ 56,500 support and the 100 simple moving average (4 hours), there is a chance for a new increase.
The first key resistance is near the $ 58,000 level. A successful close above the $ 58,000 level could open the doors for a new move towards the $ 60,000 key resistance zone. The next key hurdle is at the $ 62,000 level.
4-hour MACD – The MACD for BTC / USD is gaining momentum in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for BTC / USD is currently well below the 50 level.
Major Support Level – $ 56,500.
Major Resistance Level – $ 58,000.