Bitcoin price extended its rise above the $58,000 resistance against the US Dollar. BTC is now correcting gains, with but it is likely to remain well bid near $56,750 and $56,500.
- Bitcoin gained pace above the $57,500 and $58,000 resistance levels before correcting lower.
- The price is now well above the $55,000 support and the 100 hourly simple moving average.
- There is a key bullish flag pattern forming with resistance near $57,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to find a strong buying interest near the $56,500 support zone in the near term.
Bitcoin Price Eyes More Upsides
After surpassing the $57,000 resistance, bitcoin extended its rise. BTC broke the $58,000 resistance level and settled nicely above the 100 hourly simple moving average.
It even surged towards the $58,500 level and traded to a new weekly high at $58,615. It is now correcting lower and trading below the $58,000 level. There was also a break below the 23.6% Fib retracement level of the upward wave from the $54,950 swing low to $58,615 high.
Source:The 50% Fib retracement level of the upward wave from the $54,950 swing low to $58,615 high is also close to the channel support. On the upside, a clear break above the flag resistance near $57,700 could open the doors for a fresh increase.