Bitcoin Stays Strong, Wait to See $60K!

 2021-10-12 09:09:26

Bitcoin kept its rally above the $57,000 line since last night. BTC could continue to rise if it stays strong above the $56,000 support zone.

 

The price is now trading around $57,300 and above the 100 hourly simple moving average. It can be seen from the hourly chart below that there is a strong support line above $54,000. The BTC/USDT pair is correcting gains, but the bulls could remain active near $56,000. By now, the first key resistance line is focused on $57,500, which is expected to turn to a support line. Then Bitcoin approaches more to the coveted $60,000.

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However, if Bitcoin fails to clear the $57,500 resistance line, it could correct lower. And it is supposed to back to the $56,200 level at first, but it won't dip far. Though Bitcoin has the potential for a downturn, it is still showing a powerful uptrend now.

 

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI  – The RSI is now near the 60-level.

Major Support Levels – $56,600, followed by $56,200.

Major Resistance Levels – $57,500, $57,700 and $58,000.

 

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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