- Bitcoin’s upside capped by the 50 SMA on the four-hour chart, delaying upswing past $60,000.
BTC’s short-term technical levels have started to improve, including the MACD.
The 100 SMA support must be defended to avert potential declines toward $50,000.
Bitcoin exchanges hands slightly under $58,000 at the time of writing. Recovery from this week’s drop to 55,400 has failed to break past the immediate resistance provided by the 50 Simple Moving Average.
Despite the short-term hurdle, Bitcoin bulls are persistently pushing for gains above the coveted $60,000. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator conveys a bullish signal, implying that the slightest resistance path could be north.
It is worth mentioning that the MACD allows traders to identify positions to buy the dip and sell the top. When the fast MACD (main) line passes over the slow line, it insinuates that the market has gradually begun to flip bullish. On the other hand, if the mainline crosses under the slow line, we can expect bears to start taking control.
Therefore, the MACD on the four-hour chart clearly shows that Bitcoin is moving toward the bullish camp and the situation may improve in the coming sessions. Note that trading beyond the 100 SMA is critical to sustaining the uptrend.
The 100 SMA remains key to the flagship cryptocurrency’s uptrend. The drop to $55,400 occurred after BTC lost this support area. In other words, this support level must be guarded at all costs; otherwise, losses may extend to the recently confirmed buyer congestion zone ($55,400). If push comes to shove, Bitcoin is likely to slump back to $50,000. Here, bulls will plan the next mission to hit highs as far as $70,000.
Bitcoin intraday levels
Spot rate: $57,960
Trend: Bullish bias
Volatility: Low
Support: 100 SMA, $55,400 and $54,000
Resistance: $58,000, $60,000 and $62,000
