TA: Bitcoin Surge To $60K On The Horizon, As Bears Show Weak Hands
October 06 2021 - 10:08PM
NEWSBTC
Bitcoin extended its rally above the $55,000 resistance against the
US Dollar. BTC could correct lower, but the bulls might aim more
gains towards $60K. Bitcoin climbed higher above the $52,000 and
$54,000 resistance levels. The price is now trading above $53,000
and the 100 hourly simple moving average. There is a connecting
bullish trend line forming with support near $53,000 on the hourly
chart of the BTC/USD pair (data feed from Kraken). The pair could
continue to rise above the $55,500 and $56,500 resistance levels in
the near term. Bitcoin Price Extends Rally Bitcoin price started a
strong increase above the $50,000 resistance. BTC even broke the
$52,000 resistance level and settled above the 100 hourly simple
moving average. The upward move was such that the price broke the
$53,200 resistance. It even spiked above the $55,000 level. A high
is formed near $55,770 and the price is now consolidating gains. An
immediate support on the downside is near the $55,000 level. It is
close to the 23.6% Fib retracement level of the upward move from
the $50,366 swing low to $55,777 high. There is also a connecting
bullish trend line forming with support near $53,000 on the hourly
chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the
upside, an initial resistance is near the $55,500 level. The first
major resistance is near the $56,200 level, above which the price
could accelerate higher. The next major resistance for the bulls
may possibly be near the $58,000 level. Any more gains could set
the pace for a move towards the $60,000 level. Dips Limited In BTC?
If bitcoin fails to clear the $56,000 resistance zone, it could
start a fresh downside correction. An immediate support on the
downside is near the $55,000 level. The first major support is now
forming near the $54,200 level. The next major support is near the
$53,000 level and the trend line. It is near the 50% Fib
retracement level of the upward move from the $50,366 swing low to
$55,777 high. If there is a break below the trend line support, the
price might decline towards the $50,000 level and the 100 hourly
SMA. Technical indicators: Hourly MACD – The MACD is still moving
in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is well above the 50 level. Major Support Levels –
$55,000, followed by $53,000. Major Resistance Levels – $55,500,
$56,200 and $58,000.
TRON (COIN:TRXUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
TRON (COIN:TRXUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024