BTC - Hourly Chart - Complete Technical Analysis

Bitcoin remains stable above the $ 54,000 level. Now, after starting a new uptrend, there is a possibility of rising above $ 58,500 and $ 59,500.
BTC was supported at $ 54,000 and resumed its new uptrend. It has been followed by a hopeful atmosphere with $ 57,000 resistance.
The BTC / USD pair's hourly chart shows that the downtrend has broken with the resistance that created around $ 56,500. Bitcoin went up to $ 57,500, moving away from the 100-hour moving average.
So far, the 76.4% Fibonacci retracement level has fallen behind the $ 57,835 ceiling to the $ 54,020 floor. Thus, the door was opened to climb further to $ 58,500 and the $ 58,449 peak was conquered. BTC is now trying to dominate the current position and is trading in the $ 57,500 range.
The nearest resistance level upstream is around $ 58,750. The 1.236 extended Fibonacci level has fallen in this range. The $ 59,000 range is the first key resistance; Climbing and closing the candlestick above it will open the way for further climbing.
The main resistance is in the $ 60,000 range. The cows are likely to face a resistance level of around $ 59,500 to conquer this psychological range.
If Bitcoin fails to climb above the $ 59,000 resistance, it will likely make a significant correction. In this case, the nearest support level is considered to be around $ 58,000.
Below, we expect support in the $ 57,800 range that was passed as resistance; Its collapse will cause the intensification to be corrected. In this case, the $ 56,500 range and the 100-hour moving average are considered the main support range.

Comment:

Bitcoin balance on exchanges is again started decreasing after the small increase in April-July. The Bitcoin balance on exchanges is now at August 2018 levels. This shows less selling pressure on exchanges and we may see more upward movement in coming weeks.