Could the Recovery Lose Momentum?

Bitcoin worth began a restoration wave after it crashed under $50,000. BTC is again above $55,000 and faces many hurdles close to the $58,000 zone.

• Bitcoin began a restoration wave above the $52,500 and $55,000 ranges.
• The worth is buying and selling under $58,000 and the 100 hourly Easy transferring common.
• There was a break above a connecting bearish development line with resistance at $55,100 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair would possibly wrestle to clear the $58,000 resistance zone.

Bitcoin Value Begins Restoration Wave

Bitcoin worth prolonged losses under the $52,500 help zone. BTC even traded under the $51,100 and $50,000 ranges. A low was shaped close to $49,111 and the worth not too long ago began a restoration wave.

It recovered above the $52,500 stage and examined the 50% Fib retracement stage of the downward transfer from the $61,040 swing excessive to the $49,111 low. There was a break above a connecting bearish development line with resistance at $55,100 on the hourly chart of the BTC/USD pair.

Bitcoin worth remains to be buying and selling under $58,000 and the 100 hourly Easy transferring common. On the upside, the worth may face resistance close to the $56,500 stage. It’s close to the 61.8% Fib retracement stage of the downward transfer from the $61,040 swing excessive to the $49,111 low.

The primary key resistance is close to the $58,250 stage. A transparent transfer above the $58,250 resistance would possibly ship the worth additional greater within the coming periods. The subsequent key resistance may very well be $58,800.

The subsequent main hurdle sits at $60,000. An in depth above the $60,000 resistance would possibly spark bullish strikes. Within the said case, the worth may rise and check the $62,000 resistance.

One other Decline In BTC?

If Bitcoin fails to get better above the $58,000 resistance zone, it may begin one other decline. Instant help on the draw back is close to the $55,000 stage.

The primary main help is $53,500. The subsequent help is now close to $52,000. Any extra losses would possibly ship the worth towards the $50,000 help zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.

Main Assist Ranges – $55,000, adopted by $53,500.

Main Resistance Ranges – $56,500, and $58,000.