TA: Bitcoin Corrects Gains, Why BTC Stays Appealing Near $54 K

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TA: Bitcoin Corrects Gains, Why BTC Stays Appealing Near $54 K

Bitcoin rate began a stable boost and checked the $56,500 zone versus the United States Dollar. BTC is now fixing gains, with numerous assistances near $54,000

  • Bitcoin traded as high as $56,694 prior to beginning a drawback correction.
  • The rate is still above the $54,000 assistance and the 100 per hour basic moving average.
  • There was a break listed below an essential bullish pattern line with assistance near $55,500 on the per hour chart of the BTC/USD set (information feed from Kraken).
  • The set is most likely to discover a strong purchasing interest near the $54,000 assistance zone in the near term.

Bitcoin Rate Stays Supported

After a clear break above the $53,200 resistance, bitcoinextended its rise BTC broke the $55,000 resistance level and settled perfectly above the 100 per hour basic moving average.

It even increased above $56,500 and traded as high as $56,694 It is now fixing lower and trading listed below the $56,000 level. There was a break listed below the 23.6% Fib retracement level of the upward relocation from the $50,400 swing low to $56,694 high.

There was likewise a break listed below an essential bullish pattern line with assistance near $55,500 on the per hour chart of the BTC/USD set. The set is now combining near the $55,000 level.

Bitcoin Price

 Source: BTCUSD on TradingView.com

A preliminary assistance on the drawback is near the $54,500 level. The very first significant assistance is near the $54,000 zone and the 100 per hour basic moving average. The next significant assistance is near the $53,500 level. It is close to the 50% Fib retracement level of the upward relocation from the $50,400 swing low to $56,694 high.

A drawback break listed below the $53,500 and $53,200 assistance levels might negate the existing bullish predisposition. In the specified case, the rate is most likely to review $50,500

Fresh Boost in BTC?

If bitcoin stays above the $54,000 assistance zone and the 100 per hour SMA, there are opportunities of a fresh boost. A preliminary resistance on the benefit is near the $56,200 zone.

The very first significant resistance is near the $56,500 level. The main resistance is still near $57,000 and $57,200, above which the rate is most likely to rally even more.

Technical indications:

Per Hour MACD– The MACD is gradually losing momentum in the bullish zone.

Per Hour RSI (Relative Strength Index)– The RSI for BTC/USD is now simply listed below the 50 level.

Significant Assistance Levels– $54,500, followed by $54,000

Significant Resistance Levels– $56,000, $56,500 and $57,200

Aayush Jindal Read More.