Is Bitcoin Ready to $60,000?
From the hourly chart, Bitcoin remained strong above $54,000. Now that $54,000 became a strong support line. BTC started a fresh increase and it is expected to rally above $58,500 and $59,500.
The price of Bitcoin is now trading above $57,600 and the 100 hourly simple moving average. BTC broke the key $57,000 resistance and closed the day above that line yesterday, which is a positive signal. It could accelerate higher towards the $60,000 level in the near term.
If Bitcoin fails to clear the near $58,500 resistance line, it could start a downside correction. And it might take few weeks for Bitcoin to gain more pace before it can reach $60,000. According to its recent performance, the correction hovering around $56,000-$58,000 could last for a little bit longer.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI – The RSI is near the 60-level.
Major Support Levels – $56,000, followed by $54,500.
Major Resistance Levels – $58,000, $59,000 and $60,000.
The price of Bitcoin is now trading above $57,600 and the 100 hourly simple moving average. BTC broke the key $57,000 resistance and closed the day above that line yesterday, which is a positive signal. It could accelerate higher towards the $60,000 level in the near term.
If Bitcoin fails to clear the near $58,500 resistance line, it could start a downside correction. And it might take few weeks for Bitcoin to gain more pace before it can reach $60,000. According to its recent performance, the correction hovering around $56,000-$58,000 could last for a little bit longer.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI – The RSI is near the 60-level.
Major Support Levels – $56,000, followed by $54,500.
Major Resistance Levels – $58,000, $59,000 and $60,000.
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