As a seasoned crypto investor with a knack for technical analysis and a penchant for navigating the volatile Bitcoin market, I find myself cautiously optimistic about this latest recovery wave. The price surging above the $53,500 and $55,500 levels is encouraging, but I remain vigilant as the price is still trading below the 100 hourly SMA and the $58,000 resistance zone.
The price of Bitcoin is rebounding past the $55,000 barrier and could potentially rise further if it manages to move beyond its 100-hour Simple Moving Average.
- Bitcoin started a recovery wave above the $53,500 and $55,500 levels.
The price is trading below $58,000 and the 100 hourly Simple moving average.
There is a contracting triangle forming with resistance at $57,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might struggle to clear the $58,000 resistance zone.
Bitcoin Price Gains Over 85
In simpler terms, after establishing a solid foundation, the price of Bitcoin has been on an upward trend, surpassing the initial hurdle at around $52,500. It subsequently managed to break through the subsequent barriers at $53,500 and $55,500.
There was a move above the 61.8% Fib retracement level of the downward wave from the $61,040 swing high to the $49,110 swing low. The bulls even managed to push the price above the $56,500 resistance zone. However, the bears might remain active near $58,000.
Currently, Bitcoin’s price remains under $58,000 and below its 100-hour Simple Moving Average. If it increases, there might be a barrier around $57,500. Additionally, an ascending triangle pattern is emerging on the hourly BTC/USD chart, with potential resistance at $57,500 as well.
The first key resistance is near the $58,250 level or the 76.4% Fib retracement level of the downward wave from the $61,040 swing high to the $49,110 swing low.
If the price breaks through the $58,250 barrier, it may continue to increase in the upcoming sessions with potential resistances at $59,200 and $60,000. Should we see a close above $60,000, it could trigger further bullish trends that might take the price up towards the $62,000 resistance level.
Another Drop In BTC?
Should Bitcoin not manage to surge past the $58,250 barrier, there’s a possibility of another downtrend occurring. The nearest support level in case of a fall can be found around $56,000.
Initially, a significant level of backing can be found at approximately $55,000. Currently, the next potential support is hovering around $53,500. If further declines occur, it’s possible that the price may trend towards the $52,000 support area in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $56,000, followed by $55,000.
Major Resistance Levels – $57,500, and $58,250.
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2024-08-07 05:48