Bitcoin Price Could Extend Gains: Will Bulls Stay in Control?
09 Setembro 2024 - 11:45PM
NEWSBTC
Bitcoin price started a decent increase above the $55,500
resistance. BTC is consolidating and might aim for more gains if it
clears the $58,000 resistance. Bitcoin is rising from the $52,500
support zone. The price is trading above $55,500 and the 100 hourly
Simple moving average. There was a break above a key bearish trend
line with resistance at $55,300 on the hourly chart of the BTC/USD
pair (data feed from Kraken). The pair is facing resistance near
the $58,000 and $58,200 resistance levels in the near term. Bitcoin
Price Starts Recovery Bitcoin price started a decent increase after
it broke the $55,500 resistance zone. BTC gained pace and was able
to clear the $56,200 resistance. There was a break above a key
bearish trend line with resistance at $55,300 on the hourly chart
of the BTC/USD pair. The pair even spiked above the $58,000
resistance zone. A high was formed at $58,050 and the price is now
consolidating gains. There was a minor decline below the $57,500
level. The price dipped below the 23.6% Fib retracement level of
the upward move from the $52,569 swing low to the $58,050 high.
Bitcoin is now trading above $55,500 and the 100 hourly Simple
moving average. On the upside, the price could face resistance near
the $57,500 level. The first key resistance is near the $58,000
level. A clear move above the $58,000 resistance might send the
price further higher in the coming sessions. The next key
resistance could be $58,500. A close above the $58,500 resistance
might spark more upsides. In the stated case, the price could rise
and test the $60,000 resistance. Another Decline In BTC? If Bitcoin
fails to rise above the $58,000 resistance zone, it could start
another decline. Immediate support on the downside is near the
$56,750 level. The first major support is $55,500 or the 50% Fib
retracement level of the upward move from the $52,569 swing low to
the $58,050 high. The next support is now near the $53,500 zone.
Any more losses might send the price toward the $52,600 support in
the near term. Technical indicators: Hourly MACD – The MACD is now
losing pace in the bullish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is now above the 50 level. Major
Support Levels – $56,750, followed by $55,500. Major Resistance
Levels – $57,500, and $58,000.
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