TA: Bitcoin Key Indicators Suggest Upside Continuation To $62K
October 14 2021 - 10:28PM
NEWSBTC
Bitcoin is showing positive signs above the $57,000 level against
the US Dollar. BTC could gain pace and it might even test the
$60,000 resistance zone. Bitcoin started a fresh increase and it
broke the $58,500 level. The price is now trading above $58,000 and
the 100 hourly simple moving average. There was a break above a key
declining channel with resistance near $58,000 on the hourly chart
of the BTC/USD pair (data feed from Kraken). The pair could
continue higher towards the $60,000 level in the near term. Bitcoin
Price Remains In Uptrend Bitcoin price corrected a few points below
the $58,000 level. However, downsides were limited below $57,000
and BTC started a fresh increase. The price traded as low as
$56,888 and started a fresh increase. It surpassed the $57,500 and
$58,000 resistance levels. There was a break above a key declining
channel with resistance near $58,000 on the hourly chart of the
BTC/USD pair. The pair is now trading above $58,000 and the 100
hourly simple moving average. It is now trading near the $59,000
zone. Besides, the price is testing the 1.236 Fib extension level
of the downside correction from the $58,580 swing high to $56,888
low. On the upside, an initial resistance is near the $59,500
level. The first key resistance is near the $59,650 level. It is
near the 1.618 Fib extension level of the downside correction from
the $58,580 swing high to $56,888 low. Source: BTCUSD on
TradingView.com A clear break above the $59,650 resistance could
open the doors for more upsides. The next major resistance sits
near the $60,000 level, above which the price might surge towards
the $62,000 level in the near term. Dips Limited In BTC? If bitcoin
fails to clear the $59,500 resistance zone, it could start a
downside correction. An immediate support on the downside is near
the $58,200 level. The first major support is now forming near the
$58,000 level (the recent breakout zone). A downside break below
the $58,000 level could spark a larger decline. The next major
support is now near the $56,800 level and the 100 hourly SMA.
Technical indicators: Hourly MACD – The MACD is now gaining pace in
the bullish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is now above the 60 level. Major Support Levels –
$58,200, followed by $58,000. Major Resistance Levels – $59,650,
$60,000 and $62,000.
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