NEW!Incredible offer for our exclusive subscribers! Read More
Other

Bitcoin price support at $56,000 crucial for takeoff beyond $60,000

1 Mins read

Bitcoin has gradually and persistently worked on a recovery mission from $53,000. Various barriers were encountered along the path, including the 100 Simple Moving Average (SMA), the 50 SMA on the four-hour chart, and the critical seller congestion zone at $58,000.

Источник: cryptonews.net

In the meantime, the largest cryptocurrency dodders at $56,800 as bulls battle to overcome the resistance presented by the 200 SMA. On the downside, immediate support has been provided by the 50 SMA at $56,000.

Holding above the short-term support is key for sustaining the uptrend due to the stability exemplifies in the market. On the upside, a four-hour candlestick close above the 200 SMA would prove to investors that bulls are finally in control. As speculation increases for gains beyond $60,000, buying orders are bound to rise, adding to the tailwind force.

BTC/USD four-hour chart

The generally up-trending market appears to have been validated by the Moving Average Convergence Divergence (MACD) indicator. It follows the trend of an asset and measures its momentum. Traders use this indicator to identify positions to buy the dip and sell the bottom.

The MACD line crossing above the signal line is a call to buy while striking beneath the signal line implies time to sell. Currently, the MACD line is above the signal line; simultaneously, the indicator has settled above the midline. Therefore, the slightest resistance path is upward, as illustrated by the chart’s short-term technical levels.

Bitcoin intraday levels

Spot rate: $57,150

Trend: Bullish

Volatility: Low

Support: $56,000 and $53,000

Resistance: $58,000 and $60,000

Related posts
AltcoinsBTCBusinessCryptoETHMiningNewsOtherStock

Binqwix.com collaborates with Stake.com to offer Crypto services for its users

1 Mins read
Binqwix.com has collaborated with Stake.com to give crypto gamblers with a top-tier exchange where they can deposit, sell, and even convert Crypto…
AltcoinsBTCBusinessCryptoETHOther

Tradex-wallet.com staking platform with the best percentages or is it a temporary phenomenon?

1 Mins read
As it became known, tradex-wallet announced the announcement of a new staking program, rewards and large payouts for staking, the platform raffles…
AltcoinsBTCCryptoETHOther

Cryptwex & 15 More Crypto Exchanges Face Ire of South

2 Mins read
Sixteen international crypto exchanges. Including and the Mexican heavyweight MEXC. Have landed in hot water with Cryptwex.com financial regulators. For failing to comply with local guidelines….
Power your team with InHype

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *