Bitcoin tag acquired bullish momentum above $50Okay and traded to a recent all-time high at $57,500 against the US Buck. BTC remains supported and it is possible eyeing a take a look at of $60,000.

• Bitcoin climbed above the $50,000 resistance and traded to a recent all-time high end to USD 57,500.
• The value is buying and selling smartly above the $55,000 level and the 100 clear-cut bright common (4-hours).
• There is a key bullish pattern line forming with motivate end to $54,000 on the 4-hours chart of the BTC/USD pair (records feed from Kraken).
• The pair is showing hundreds of chase signs and the bulls appears to be like to eyeing a take a look at of $60,000.

Bitcoin Rate is Gaining Traction

This past week, bitcoin tag extended its upward thrust above the significant $50,000 resistance zone against the US Buck. The BTC/USD pair even broke the $55,000 level and settled effectively above the 100 clear-cut bright common (4-hours).

It traded to a recent all-time high end to $57,500 and currently started a downside correction. There turned into a fascinating dip below the $56,000 and $55,000 phases. The value broke the 23.6% Fib retracement level of the upward circulation from the $50,634 swing low to $57,500 high.

On the different hand, the bulls were filled with life end to the $54,000 motivate level. The 50% Fib retracement level of the upward circulation from the $50,634 swing low to $57,500 high furthermore acted as an honest motivate.

There is furthermore a key bullish pattern line forming with motivate end to $54,000 on the 4-hours chart of the BTC/USD pair. The pair is furthermore convalescing and buying and selling smartly above $55,000. An preliminary resistance is end to the $57,000 level. The first major resistance is end to the $57,500 high.

A obvious rupture above the $57,500 resistance is possible to delivery the doors for more upsides. The next major resistance for the bulls sits at $60,000.

Dips Supported in BTC?

If bitcoin struggles to obvious the $57,500 resistance level, there are chances of a downside correction. The first major motivate is end to the pattern line and $54,000.

The next major motivate is end to the $52,500 level (a multi-touch zone). If there might be a obvious rupture and end below the $52,500 motivate, the tag might maybe well maybe decline in the direction of the $50,000 level finally to term.

Technical indicators

4 hours MACD – The MACD for BTC/USD is showing chase signs in the bullish zone.

4 hours RSI (Relative Energy Index) – The RSI for BTC/USD is light above the 60 level.

Most well-known Increase Level – $52,500

Most well-known Resistance Level – $60,000