Market Formed: Stay Awake At These Levels For The Bitcoin Price! - News-Credit-Mortgage-Coin


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Sunday, May 2, 2021

Market Formed: Stay Awake At These Levels For The Bitcoin Price!


Bitcoin price started a fresh rise above the $ 55,000 resistance zone against the US Dollar. According to the famous analyst Aayush Jindal, who made successful predictions, the Bitcoin price tested $ 58,500 and remained on the rise towards the $ 60,000 zone.

Bitcoin price is showing positive signs and recently tested the $ 58,500 resistance zone.
The price is currently trading well above $ 55,000 and the 100 simple moving average (4 hours).
There is a key bullish trend line formed with support near $ 55,400 on the 4-hour chart of the BTC / USD pair (data feed from Kraken).
The pair may correct losses, but it is likely to start a steady increase towards the $ 60,000 level, analyst said.

Analyst: Bitcoin price could start a steady rise towards the $ 60,000 level!

Recently, bitcoin price remained stable above the $ 52,500 support zone against the US Dollar. The BTC / USD pair started to rise steadily and crossed several key hurdles around $ 55,000. The price even broke the $ 56,500 resistance and extended its rally. There was an increase above the $ 58,000 level, but the price was straining near the $ 58,500 zone. A high was formed around $ 58,494 and the price is currently correcting at a lower level.

BTC traded below the $ 57,500 level. Below the 23.6% Fib retracement level of the upward move, there was a break. On the downside, according to the analyst, there is a large support formed near the $ 55,500 zone. There is also a key bullish trend line formed with support near $ 55,400 on the 4-hour chart of the BTC / USD pair. The trendline is near the 50% Fib retracement level of the move from $ 52,489 to $ 58,494.

Here are the levels that the Bitcoin price can see in the next sessions.
On the upside, Bitcoin price is facing major resistance near the $ 58,000 and $ 58,500 levels. A successful close above the $ 58,000 and $ 58,500 resistance levels could open the doors for a new rise towards the $ 60,000 barrier, according to the analyst.

If the bitcoin price fails above the $ 58,000 level, there is a risk of a downside correction. The first major support is near the $ 55,500 level and the trendline zone, according to the analyst. The next major support is close to the $ 55,000 level and the 100 SMA, according to the analyst. Further losses could require a new drop towards the $ 52,500 support level.

Current view of Bitcoin price with technical indicators
4-hour MACD: The MACD for BTC / USD is losing momentum in the bullish zone.

4-hour RSI (Relative Strength Index): The RSI for BTC / USD is currently well above the 50 level.

Major Support Level: $ 55,500.

Major Resistance Level: $ 58,500.

Here are the successful predictions of market established analyst Aayush Jindal
Famous crypto money analyst Aayush Jindal is a name who has successfully analyzed tactics in Bitcoin, Ethereum, Ripple, Chanlink and many altcoins. Aayush Jindal has a history of successfully setting critical levels for many cryptocurrencies. The veteran analyst also correctly predicted the recent drop of BTC to $ 28,500. In addition, the analyst successfully predicted the price movements of BTC in the past weeks.

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