💥💥💥 #bitcoinprice Analysis (Current Price: $59,000)
Bitcoin is trading at $59,000 and has been moving higher from the $56,500 level. The price is above the 100-hourly Simple Moving Average and a bullish trend line with support at $57,200.
Key Levels to Watch:
- Immediate Resistance: $59,200
- A breakout above this level could push the price towards $60,000.
- First Major Resistance: $60,000 (Clearing this level might lead to further bullish momentum, with potential gains extending beyond $60,000)
- Immediate Support: $58,200
- First Major Support: $57,200 (trend line)
- Next Major Support: $56,200 (61.8% Fib retracement level from $54,955 low to $58,200 high)
Technical Indicators:
- Hourly MACD: Losing bearish momentum.
- Hourly RSI: Above 50, suggesting positive momentum.
Bitcoin is in a bullish phase, with potential for further gains if it stays above key support levels and breaks through immediate resistance. A drop below $58,200 could test support around $57,200 or $56,200.
Source - newsbtc.com
