Bitcoin price gained pace and it cleared the $55,000 resistance zone against the US Dollar. BTC is showing positive signs and it is likely to accelerate higher above $56,500.
- Bitcoin started a decent increase it settled nicely above the $53,000 resistance.
- The price is now trading well above $54,000 and the 100 hourly simple moving average.
- There is a short-term rising channel forming with resistance near $55,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue higher above the $56,000 and $56,500 resistance levels.
Bitcoin Price Remains Bullish
Bitcoin formed a strong support base above the $53,000 level and it extended gains. BTC even broke the main $55,000 resistance zone and settled well above the 100 hourly simple moving average.
There was also a push above the $55,500 level and the price traded as high as $55,782. It is now consolidating gains well above the $55,000 level. There seems to be a short-term rising channel forming with resistance near $55,850 on the hourly chart of the BTC/USD pair.Source:If there is an upside break above the channel resistance, the price could continue to rise towards the $56,500 and $57,000 levels. The next major resistance is near the $58,000 level, above which the price could accelerate higher towards the $60,000 level.
Dips Limited in BTC?
If bitcoin fails to clear the $56,000 and $56,500 resistance levels, it could start a downside correction. An immediate support on the downside is near the $55,200 level.