Why Bitcoin Price Rally Could Extend To $60K, Uptrend Seems Intact

Bitcoin price gained bullish momentum above $50K and traded to a new all-time high at $57,500 against the US Dollar. BTC remains supported and it is likely eyeing a test of $60,000. Bitcoin climbed above the $50,000 resistance and traded to a new all-time high near USD 57,500. The price is trading nicely above the […]

Why Bitcoin Price Rally Could Extend To $60K, Uptrend Seems Intact

Bitcoin cost acquired bullish force above $50K and exchanged to another unequaled high at $57,500 against the US Dollar. BTC stays upheld and it is likely peering toward a trial of $60,000. Bitcoin moved over the $50,000 opposition and exchanged to another unsurpassed high close to USD 57,500. The cost is exchanging pleasantly over the $55,000 level and the 100 basic moving normal (4-hours). There is a key bullish pattern line framing with help close $54,000 on the 4-hours graph of the BTC/USD pair (information feed from Kraken). The pair is giving a great deal of positive indications and the bulls appears to peering toward a trial of $60,000. Bitcoin Price is Gaining Traction This previous week, bitcoin cost broadened its transcend the key $50,000 opposition zone against the US Dollar. The BTC/USD pair even broke the $55,000 level and settled well over the 100 basic moving normal (4-hours). It exchanged to another unequaled high close $57,500 and as of late began a drawback revision. There was a sharp plunge beneath the $56,000 and $55,000 levels. The cost broke the 23.6% Fib retracement level of the upward move from the $50,634 swing low to $57,500 high. In any case, the bulls were dynamic close to the $54,000 uphold level. The half Fib retracement level of the upward move from the $50,634 swing low to $57,500 high additionally went about as a respectable help. There is additionally a key bullish pattern line framing with help close $54,000 on the 4-hours diagram of the BTC/USD pair. The pair is additionally recuperating and exchanging pleasantly above $55,000. An underlying obstruction is close to the $57,000 level. The primary significant obstruction is close to the $57,500 high. A reasonable break over the $57,500 opposition is probably going to open the entryways for additional potential gains. The following significant obstruction for the bulls sits at $60,000. Dunks Supported in BTC? In the event that bitcoin battles to clear the $57,500 opposition level, there are odds of a disadvantage amendment. The main significant help is close to the pattern line and $54,000. The following significant help is close to the $52,500 level (a multi-contact zone). In the event that there is an unmistakable break and close underneath the $52,500 uphold, the cost could decay towards the $50,000 level in the close to term. Specialized pointers 4 hours MACD – The MACD for BTC/USD is giving positive indications in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is as yet over the 60 level. Significant Support Level – $52,500 Major Resistance Level – $60,000