Bitcoin price gained momentum and settled above the $57,000 level against the US Dollar. BTC is likely to break the $58,500 resistance and start a strong rally.

Bitcoin failed to clear the $58,500 resistance and corrected lower. BTC traded below the $57,000 level, but it remained well above the 100 hourly simple moving average.

A low was formed near $56,112 and the price recently started a fresh increase. There was a break above the $56,500 and $57,000 resistance levels. Bitcoin climbed above the 50% Fib retracement level of the downward move from the $58,550 swing high to $56,112 low.

It is now trading well above the $56,000 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $56,800 on the hourly chart of the BTC/USD pair.

The pair is now consolidating just above the 76.4% Fib retracement level of the downward move from the $58,550 swing high to $56,112 low. The first major resistance on the upside is near the $58,500 level. A successful break above the $58,500 could set the pace for a strong rally. In the stated case, the first target for the bulls could be $60,000. The next key stop for them may possibly be $62,000.

If bitcoin fails to clear the $58,500 resistance, it could correct lower once again. An initial support on the downside is near the $57,500 level.

The first key support is near the $57,000 level and the trend line. A downside break below the trend line might call for a test of the $56,000 support and the 100 hourly simple moving average.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.

Major Support Levels – $57,500, followed by $57,000.

Major Resistance Levels – $58,500, $60,000 and $62,000.

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