Bitcoin price is holding the $55,000 support zone against the US Dollar. BTC must clear the $57,000 resistance and the 100 hourly SMA to move into a positive zone.
- Bitcoin is somehow holding the $55,000 and $54,500 support levels.
- The price is now facing a strong resistance near $57,500 and the 100 hourly simple moving average.
- There was a break above a major declining channel with resistance near $55,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong increase if there is a clear break above the $57,500 resistance zone.
Bitcoin Price is Facing Hurdles
Bitcoin remained below the main $57,500 resistance zone. BTC declined below the $55,000 support, but it found support near the $53,400 zone. A low was formed near $53,338 before the price started a fresh increase.It broke the $54,500 and $55,000 resistance levels. There was also a break above a major declining channel with resistance near $55,250 on the hourly chart of the BTC/USD pair. The pair even climbed above $57,000, but it failed to clear the 100 hourly simple moving average.
A high is formed near $57,150 and the price is now correcting lower. It traded close to the 50% Fib retracement level of the upward move from the $53,338 low to $57,151 high.
Source:
On the upside, the price is facing a strong resistance near the $57,100 and $57,500 levels. The 100 hourly simple moving average is also near the $57,500 level to act as a hurdle. A successful break above the $57,500 resistance is must to start a strong increase in the coming sessions.