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Bitcoin Key Indicators Suggest Upside Continuation To $62K


Bitcoin is revealing favorable indications above the $57,000 level versus the United States Dollar. BTC might get rate and it may even check the $60,000 resistance zone.

  • Bitcoin began a fresh boost and it broke the $58,500 level.
  • The rate is now trading above $58,000 and the 100 per hour basic moving average.
  • There was a break above an essential decreasing channel with resistance near $58,000 on the per hour chart of the BTC/USD set (information feed from Kraken).
  • The set might continue greater towards the $60,000 level in the near term.

Bitcoin Rate Stays In Uptrend

Bitcoin rate fixed a couple of points listed below the $58,000 level. Nevertheless, disadvantages were restricted listed below $57,000 and BTC began a fresh boost.

The rate traded as low as $56,888 and began a fresh boost. It went beyond the $57,500 and $58,000 resistance levels. There was a break above an essential decreasing channel with resistance near $58,000 on the per hour chart of the BTC/USD set.

The set is now trading above $58,000 and the 100 per hour basic moving average. It is now trading near the $59,000 zone. Besides, the rate is evaluating the 1.236 Fib extension level of the disadvantage correction from the $58,580 swing high to $56,888 low.

On the benefit, a preliminary resistance is near the $59,500 level. The very first essential resistance is near the $59,650 level. It is near the 1.618 Fib extension level of the disadvantage correction from the $58,580 swing high to $56,888 low.

Source: BTCUSD on TradingView.com

A clear break above the $59,650 resistance might unlock for more benefits. The next significant resistance sits near the $60,000 level, above which the rate may rise towards the $62,000 level in the near term.

Dips Restricted In BTC?

If bitcoin stops working to clear the $59,500 resistance zone, it might begin a drawback correction. An instant assistance on the disadvantage is near the $58,200 level.

The very first significant assistance is now forming near the $58,000 level (the current breakout zone). A drawback break listed below the $58,000 level might trigger a bigger decrease. The next significant assistance is now near the $56,800 level and the 100 per hour SMA.

Technical indications:

Per Hour MACD – The MACD is now acquiring rate in the bullish zone.

Per Hour RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level.

Significant Assistance Levels – $58,200, followed by $58,000.

Significant Resistance Levels – $59,650, $60,000 and $62,000.



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