Bitcoin started a fresh increase above $58,000 against the US Dollar. BTC traded close to $60,000 and is currently correcting gains.
- Bitcoin started a fresh increase above the $58,000 and $58,500 levels.
- The price is now trading above $58,000 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $58,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must remain above $57,500 and the 100 hourly SMA to start another increase.
Bitcoin Price is Back above 100 SMA
Bitcoin price was stable above the $57,000 level. BTC started a fresh increase and was able to clear the $58,000 resistance zone. There was also a break above the $58,500 level and the 100 hourly simple moving average.
However, there was no test of the $60,000 resistance zone. A high was formed near $59,400 and the price is now correcting gains. There was a break below the $58,500 support level.An immediate support is near the $58,200 level. The first major support is now forming near the $57,650 level. It is close to the 50% Fib retracement level of the upward move from the $55,909 swing low to $59,400 high.
Source:The next major support is near the $57,500 level and the 100 hourly SMA, below which the price could resume its decline towards the main breakdown support at $55,500.