Bitcoin extended its rise above the $55,500 and $56,000 resistance levels.
The price is now trading well above $54,000 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $54,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could dip towards the $53,000 support before it extends its rise.
Bitcoin Price Remains Supported
The price even spiked above the $56,000 resistance level. However, the bulls failed to push the price above the $56,500 level. A high is formed near $56,490 and the price is now correcting lower. It broke the $56,000 and $55,800 levels.
Bitcoin almost tested the 23.6% Fib retracement level of the recent upward wave from the $47,010 swing low to $56,490 high. There is also a key bullish trend line forming with support near $54,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
Fresh Increase in BTC?
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level.
Major Support Levels – $54,500, followed by $53,000.
Major Resistance Levels – $55,000, $55,500 and $56,000.