BITCOIN STARTS FRESH RALLY TO $60‚000‚ WHAT COULD FUEL MORE UPSIDES

Updated: 10/14/2021 05:08
Hyip Monitor
bitcoin starts fresh rally to 60k what could fuel more upsides
Bitcoin remained strong above the $54000 level against the US Dollar BTC started a fresh increase and it could rally above $58500 and $59500 ...
Sponsored Links

Bitcoin remained strong above the $54,000 level against the US Dollar. BTC started a fresh increase and it could rally above $58,500 and $59,500.

Bitcoin started a fresh increase and it broke the $58,000 level.
The price is now trading above $57,500 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $56,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate higher towards the $60,000 level in the near term.

Bitcoin Price Gains Pace


Bitcoin price found support near the $54,000 level and started a fresh increase. BTC broke the key $57,000 resistance zone to enter again into a positive zone.

There was a break above a key bearish trend line with resistance near $56,500 on the hourly chart of the BTC/USD pair. The pair accelerated higher above the $57,500 level and the 100 hourly simple moving average.

Bitcoin surpassed the 76.4% Fib retracement level of the key drop from the $57,835 swing high to $54,020 low. It opened the doors for a fresh high above the $58,000 level. The price is now accelerating higher above the $58,000 level.

On the upside, an initial resistance is near the $58,750 level. It is near the 1.236 Fib extension level of the key drop from the $57,835 swing high to $54,020 low. The first key resistance is near the $59,000 level. A clear break above the $59,000 resistance could open the doors for more upsides.

The next major resistance sits near the $60,000 level. An intermediate hurdle for the bulls may possibly be near the $59,500 level.

Dips Supported In BTC?


If bitcoin fails to clear the $59,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $58,000 level.

The first major support is now forming near the $57,800 level (the recent breakout zone). A downside break below the $57,800 level could set the pace for a downside correction. The next major support is now near the $56,500 level and the 100 hourly SMA.

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 – $57,800, followed by $56,500.
Major Resistance Levels – $58,750, $59,000 and $60,000.


About the author

Eric Marriam is a young writer. Even though he is not experienced he is able to make really high quality work. Eric is able to identify a problem people have and break it down, able to appeal to emotion through emotive writing, can change style of writing to cater to different audience. Eric Marriam is able to work creatively and effectively with staff and managers and despite his young age, he proved to be a clear and effective writer and speaker, committed to maintaining quality and efficiency, seeking for professional growth and development.
You May Also Like