Bullish momentum still gained by Bitcoin, could it hit a new all-time high?
Bitcoin price shows positive signs above $55,000 against the US Dollar. BTC seems to surpass $58,000 and then trade to a new all-time high in the near term.
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There has been a steady rise in bitcoin above the $55,000 resistance zone. BTC climbed over the $56,000 level and it then settled well above the 100 hourly simple moving average.
The pulls drive the price over the $57,000 resistance. A high had been formed near $57,367 and the price is currently correcting even lower. It then traded below the 23.6% Fib retracement level of the upward move from the $53,002 low to $57,367 high.
Bitcoin is testing the $55,500 support level and it remains well above the 100 hourly simple moving average. The next major support is near the $52,150 level. There is a major bullish trend line forming with support near $55,150 on the hourly chart of the BTC/USD pair as well.
The trend line is close to the 50% Fib retracement level of the upward move from the $52,002 low to $57,367 high. On its upside, the $56,500 level is a short-term hurdle. There is a connecting bearish trend line at $56,500 on a similar chart as well.
A clear break above the trend line resistance and $57,500 can open the doors for a move to the $58,000 level. The next aim for the bulls can be a new all-time high or even $60,000.
When Bitcoin fails to clear the $57,500 resistance, it can correct even lower. The first key support is near the trend line and $55,150.
When there is a downside break lower than the trend line support, there are still chances of a move to the $54,000 support. There is another trend line producing with support near $54,000 on the same chart.
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