Bitcoin forms a rally after setting a $57,000 contract. If a $58,500 resistance break is possible, a strong new rally will begin.

In the last 24 hours, Bitcoin has failed to successfully overcome the $58,500 resistance and corrected to lower lows, but the asset remains above the 100-hour SMA.

A low formed near $56,112, and the price began a new recovery cycle. There was a break above the resistance at $56,500 and $57,000. Bitcoin price climbed above the 50% Fib withdrawal level declining from a high of $58,550 to a low of $ 56,112.

The top cryptocurrency is currently trading above $58,219.32 and the 100-hour SMA. There is also a major uptrend that is forming with the support of almost $56,800 on the hourly chart of the BTC / USD pair.

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The pair is currently consolidating just above the 76.4% fiber withdrawal level in a decline from a high of $58,550 to the lowest of $56,112 these days. The first major resistance for bulls is currently close to $58,500. A successful $58,500 break can create a strong rally. In that case, the first target for the bulls is probably $60,000. The next major stop could be $62,000.

If Bitcoin fails to break the $58,500 resistance, it could be corrected again to the lower level.

The first major support is nearly $57,000 and the trend line. A break below the trend line may cause the asset to test support at $ 56,000 and the 100-hour SMA.

Technical indicators:

• Hourly MACD - MACD is currently accelerating in the bull area.
• Hourly RSI - RSI for BTC / USD is much higher than level 50.
• Major levels of support - $ 57,500, followed by $ 57,000.
• Major resistance levels - USD 58,500, USD 60,000 and USD 62,000.

These are just a few of my observations and personal opinion.

I must thank you now for reading and send you a hug as a reward.

*With passion and research, @regenerette for @leofinance Leo Lovers and crypto friends!

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