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Bitcoin Lacks Momentum Above $56K, Why Rally Isn’t Over But


Bitcoin is exhibiting optimistic indicators above $54,000 in opposition to the US Greenback. BTC might speed up increased if there’s a clear break above the $56,000 resistance zone.

  • Bitcoin stays properly supported above the $54,500 stage.
  • The value is now buying and selling above $55,000 and the 100 hourly easy shifting common.
  • There’s a key declining channel forming with resistance close to $55,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might begin a recent rally if there’s a clear break above the $56,000 resistance.

Bitcoin Value Stays In Uptrend

Bitcoin worth remained in a optimistic zone and climbed above the $55,000 resistance. BTC even broke the $56,000 resistance stage and settled above the 100 hourly easy shifting common.

Nevertheless, the value failed to realize energy above the $56,000 zone. A excessive was shaped close to $56,500 earlier than there was a draw back correction. The value corrected decrease under the $56,000 stage. The value even traded under the $55,000 stage and spiked under the 100 hourly SMA.

Bitcoin discovered help close to $54,500 and a low was shaped at $54,396. The value is now rising and it’s buying and selling above the $55,500 stage. There was a break above the 23.6% Fib retracement stage of the current decline from the $56,500 swing excessive to $54,396 low.

It’s now dealing with resistance close to the $55,500 stage. There may be additionally a key declining channel forming with resistance close to $55,650 on the hourly chart of the BTC/USD pair. The channel resistance is near the 50% Fib retracement stage of the current decline from the $56,500 swing excessive to $54,396 low.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The principle resistance is forming close to the $56,000 zone, above which the value might speed up increased. The following main resistance sits close to the $57,200 stage. Any extra positive aspects might set the tempo for a transfer in the direction of the $58,000 stage.

Dips Supported In BTC?

If bitcoin fails to clear the $56,000 resistance zone, it might appropriate decrease. An instantaneous help on the draw back is close to the $55,000 stage.

The primary main help is now forming close to the $54,500 stage. The following main help is close to the $54,000 stage, under which there’s a threat of a bigger decline.

Technical indicators:

Hourly MACD – The MACD is slowly gaining tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 stage.

Main Assist Ranges – $54,500, adopted by $54,000.

Main Resistance Ranges – $55,500, $55,650 and $56,000.



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