Bitcoin regained strength, why 100 SMA is the key to more gains

The exchange rate of Bitcoin against the U.S. dollar began to rise above 58,000 U.S. dollars. The trading price of BTC is close to 60,000 USD and is currently being revised for earnings.

  • Bitcoin started a new rise above the levels of 58,000 USD and 58,500 USD.
  • The price is now trading above $58,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD currency pair (data feed from Kraken), the key bullish trend line was broken, and the support level was near $58,550.
  • The currency pair must remain above US$57,500 and the 100-hour moving average to start rising again.

Bitcoin price returns above 100 SMA

The price of Bitcoin has stabilized above $57,000. BTC started a new rise and was able to break through the resistance zone of $58,000. Also broke through the $58,500 level, 100 hour simple moving average.

However, the resistance zone of $60,000 was not tested. A high was formed near $59,400, and the price is now correcting its gains. It fell below the $58,500 support level.

In addition, on the hourly chart of the BTC/USD currency pair, the key bullish trend line was broken, and the support level was near $58,550. The trading price of this currency pair is below the 23.6% Fibonacci retracement level of the upward trend from the swing low of $55,909 to the high of $59,400.

The immediate support is near $58,200.first Main support It is now forming a level close to US$57,650. It is close to the 50% Fibonacci retracement level of the upward movement from the swing low of $55,909 to the high of $59,400.

Source: BTCUSD on TradingView.com

The next major support level is around 57,500 USD and the 100-hour moving average. Below this level, the price may continue to fall to the major support level of 55,500 USD.

What’s new in BTC?

If Bitcoin remains above the $57,500 support level and above the 100-hour moving average, it may start a new rise. On the bright side, the initial resistance is near $59,000.

The next key resistance is near $59,500. Closing prices above 59,000 USD and 59,500 USD may push the price above 60,000 USD. The next major resistance is near $61,200.

Technical index:

Hourly MACD – MACD is now accelerating in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is falling towards the 50 level.

The main support level – 57,650 USD, followed by 57,500 USD.

The main resistance levels – 59,000 USD, 59,500 USD and 60,000 USD.

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