Bitcoin Holds Strong, Here’s Key Resistance Turned Supporton October 12, 2021 at 3:17 am

Bitcoin prolonged its rally above the $57,000 in opposition to the US Greenback. BTC might proceed to rise whether it is above the $56,000 help zone.

Bitcoin is buying and selling in a optimistic zone above the $56,000 help zone.
The worth is now buying and selling above $56,000 and the 100 hourly easy shifting common.
There was a break above a key declining channel with resistance close to $55,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair is correcting positive aspects, however the bulls might stay lively close to $56,000.

Bitcoin Worth Eyes Extra Upsides

Bitcoin worth remained properly supported above the $55,000 pivot stage. BTC gained tempo and it was above to clear many hurdles close to the $55,500 stage.

There was additionally a break above a key declining channel with resistance close to $55,400 on the hourly chart of the BTC/USD pair. The pair climbed above the $56,000 resistance stage and settled above the 100 hourly easy shifting common.

There was additionally a break above the $57,000 stage and the worth traded as excessive as $57,837. It’s now correcting decrease and buying and selling beneath $57,500.

There was a break beneath the 23.6% Fib retracement stage of the upward transfer from the $54,396 swing low to $57,837 excessive. On the draw back, an preliminary help is close to the $56,200 stage. On the upside, the bulls are going through resistance is close to the $57,000 stage.

Supply: BTCUSD on TradingView.com

The primary key resistance is close to the $57,500 stage. A transparent break above the $57,500 resistance might open the doorways for a good improve. The following main resistance sits close to the $58,500 stage. Any extra positive aspects might set the tempo for a transfer in the direction of the $59,200 stage.

Dips Supported In BTC?

If bitcoin fails to clear the $57,500 resistance zone, it might right decrease. A right away help on the draw back is close to the $56,200 stage.

The primary main help is snow forming close to the $56,000 stage. It’s close to the 50% Fib retracement stage of the upward transfer from the $54,396 swing low to $57,837 excessive. A draw back break beneath the $56,000 help zone might open the doorways for a bigger decline.

Technical indicators:

Hourly MACD – The MACD is slowly gaining tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now close to the 50 stage.

Main Help Ranges – $56,200, adopted by $56,000.

Main Resistance Ranges – $57,000, $57,500 and $58,500.

The post Bitcoin Holds Strong, Here’s Key Resistance Turned Support appeared first on Binance.

Bitcoin prolonged its rally above the $57,000 in opposition to the US Greenback. BTC might proceed to rise whether it is above the $56,000 help zone. Bitcoin is buying and selling in a optimistic zone above the $56,000 help zone. The worth is now buying and selling above $56,000 and the 100 hourly easy shifting
The post Bitcoin Holds Strong, Here’s Key Resistance Turned Support appeared first on Binance.NewsNews – Binance

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