Bitcoin Key Indicators Suggest Upside Continuation To $62K
Bitcoin is showing positive signs above the $57,000 level against the US Dollar. BTC could gain pace and it might even test the $60,000 resistance zone.
Bitcoin started a fresh increase and it broke the $58,500 level.
The price is now trading above $58,000 and the 100 hourly simple moving average.
There was a break above a key declining channel with resistance near $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could continue higher towards the $60,000 level in the near term.
Bitcoin Price Remains In Uptrend
Bitcoin price corrected a few points below the $58,000 level. However, downsides were limited below $57,000 and BTC started a fresh increase.
The price traded as low as $56,888 and started a fresh increase. It surpassed the $57,500 and $58,000 resistance levels. There was a break above a key declining channel with resistance near $58,000 on the hourly chart of the BTC/USD pair.
The pair is now trading above $58,000 and the 100 hourly simple moving average. It is now trading near the $59,000 zone. Besides, the price is testing the 1.236 Fib extension level of the downside correction from the $58,580 swing high to $56,888 low.
On the upside, an initial resistance is near the $59,500 level. The first key resistance is near the $59,650 level. It is near the 1.618 Fib extension level of the downside correction from the $58,580 swing high to $56,888 low.
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