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TA: Bitcoin Holds Strong, Here’s Key Resistance Turned Support

Bitcoin extended its rally above the $57,000 against the US Dollar. BTC could continue to rise if it is above the $56,000 support zone.

Bitcoin is trading in a positive zone above the $56,000 support zone.
The price is now trading above $56,000 and the 100 hourly simple moving average.
There was a break above a key declining channel with resistance near $55,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is correcting gains, but the bulls could remain active near $56,000.

Bitcoin Price Eyes More Upsides

Bitcoin price remained well supported above the $55,000 pivot level. BTC gained pace and it was above to clear many hurdles near the $55,500 level.

There was also a break above a key declining channel with resistance near $55,400 on the hourly chart of the BTC/USD pair. The pair climbed above the $56,000 resistance level and settled above the 100 hourly simple moving average.

There was also a break above the $57,000 level and the price traded as high as $57,837. It is now correcting lower and trading below $57,500.

There was a break below the 23.6% Fib retracement level of the upward move from the $54,396 swing low to $57,837 high. On the downside, an initial support is near the $56,200 level. On the upside, the bulls are facing resistance is near the $57,000 level.

Source: BTCUSD on TradingView.com

The first key resistance is near the $57,500 level. A clear break above the $57,500 resistance could open the doors for a decent increase. The next major resistance sits near the $58,500 level. Any more gains could set the pace for a move towards the $59,200 level.

Dips Supported In BTC?

If bitcoin fails to clear the $57,500 resistance zone, it could correct lower. An immediate support on the downside is near the $56,200 level.

The first major support is snow forming near the $56,000 level. It is near the 50% Fib retracement level of the upward move from the $54,396 swing low to $57,837 high. A downside break below the $56,000 support zone could open the doors for a larger decline.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $56,200, followed by $56,000.

Major Resistance Levels – $57,000, $57,500 and $58,500.

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin88,695 0.44 % 4.00 % 18.38 %
Ethereum5,483.5 0.03 % 7.32 % 17.87 %
Binance Coin672.48 0.04 % 4.14 % 14.82 %
Cardano2.930 0.01 % 4.12 % 3.89 %
Tether1.330 0.28 % 0.04 % 0.12 %
XRP1.530 0.10 % 5.88 % 4.38 %
Solana230.93 0.09 % 11.46 % 14.24 %
Polkadot59.88 0.51 % 8.95 % 28.17 %
Dogecoin0.3429 0.83 % 6.36 % 13.91 %
USD Coin1.330 0.33 % 0.29 % 0.02 %

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