{"id":477299,"date":"2021-11-25T03:08:06","date_gmt":"2021-11-25T03:08:06","guid":{"rendered":"https:\/\/wncen.com\/?p=477299"},"modified":"2024-06-11T08:53:33","modified_gmt":"2024-06-11T08:53:33","slug":"bitcoin-confluence-resistance-58k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-confluence-resistance-58k\/","title":{"rendered":"TA: Bitcoin Breaking This Confluence Resistance Could Spark Recovery"},"content":{"rendered":"<p><em>Bitcoin is attempting an upside correction above $57,000 against the US Dollar. BTC could gain pace if there is a close above the $58,000 resistance.<\/em><\/p>\n<ul>\n<li>Bitcoin is facing resistance near the $58,000 and $58,500 levels.<\/li>\n<li>The price is now trading near $57,500 and the 100 hourly simple moving average.<\/li>\n<li>There was a break above a major bearish trend line with resistance near $57,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair must settle above $58,000 to start a fresh increase in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Still Struggling<\/h2>\n<p>Bitcoin price remained in a range above the $55,500 support zone. BTC formed a base above the $55,500 level and is currently attempting a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-continues-to-struggle-55k\/\" target=\"_blank\" rel=\"noopener \">decent recovery wave<\/a>.<\/p>\n<p>There was a break above the $56,500 and $57,000 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $57,100 on the hourly chart of the BTC\/USD pair. The pair even spiked above the $57,500 level and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-holds-key-support-60k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>.<\/p>\n<p>However, the price is still struggling to gain pace above the $58,000 level. A high is formed near $58,222 and the price is now consolidating gains.<\/p>\n<p>The bears pushed the price below the 23.6% Fib retracement level of the upward move from the $55,909 swing low to $58,222 high. An immediate support is near the $57,500 level. The first major support is now forming near the $57,000 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-18.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-477300\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-18.png?resize=1950%2C1113\" alt=\"Bitcoin Price\" width=\"1950\" height=\"1113\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-18.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-18.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-18.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-18.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-18.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-18.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-18.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The 50% Fib retracement level of the upward move from the $55,909 swing low to $58,222 high is also near $57,000. The next major support is near the $56,500 level, below which the price could resume its decline towards the main breakdown support at $55,500.<\/p>\n<h2>Upside Capped In BTC?<\/h2>\n<p>If bitcoin stays above the $56,500 support, it could continue to rise. On the upside, an initial resistance is near the $58,000 level.<\/p>\n<p>The next key resistance is near the $58,500 level. A close above the $58,000 and $58,500 levels may possibly start a steady increase in the near term. The next major resistance sits near the $60,000 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is well above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $56,500, followed by $56,000.<\/p>\n<p>Major Resistance Levels \u2013 $58,000, $58,500 and $60,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is attempting an upside correction above $57,000 against the US Dollar. BTC could gain pace if there is a close above the $58,000 resistance. Bitcoin is facing resistance near the $58,000 and $58,500 levels. The price is now trading near $57,500 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $57,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must settle above $58,000 to start a fresh increase in the near term. Bitcoin Price is Still Struggling Bitcoin price remained in a range above the $55,500 support zone. BTC formed a base above the $55,500 level and is currently attempting a decent recovery wave. There was a break above the $56,500 and $57,000 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $57,100 on the hourly chart of the BTC\/USD pair. The pair even spiked above the $57,500 level and the 100 hourly simple moving average. However, the price is still struggling to gain pace above the $58,000 level. A high is formed near $58,222 and the price is now consolidating gains. The bears pushed the price below the 23.6% Fib retracement level of the upward move from the $55,909 swing low to $58,222 high. An immediate support is near the $57,500 level. The first major support is now forming near the $57,000 level. Source: BTCUSD on TradingView.com The 50% Fib retracement level of the upward move from the $55,909 swing low to $58,222 high is also near $57,000. The next major support is near the $56,500 level, below which the price could resume its decline towards the main breakdown support at $55,500. Upside Capped In BTC? If bitcoin stays above the $56,500 support, it could continue to rise. On the upside, an initial resistance is near the $58,000 level. The next key resistance is near the $58,500 level. A close above the $58,000 and $58,500 levels may possibly start a steady increase in the near term. The next major resistance sits near the $60,000 level. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is well above the 50 level. Major Support Levels \u2013 $56,500, followed by $56,000. Major Resistance Levels \u2013 $58,000, $58,500 and $60,000.<\/p>\n","protected":false},"author":67,"featured_media":464159,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-477299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin Breaking This Confluence Resistance Could Spark Recovery<\/title>\n<meta name=\"description\" content=\"Bitcoin is attempting an upside correction above $57,000 against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Bitcoin Breaking This Confluence Resistance Could Spark Recovery","url":"http:\/\/wncen.com\/news\/bitcoin-confluence-resistance-58k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-confluence-resistance-58k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_638895124.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_638895124.jpg?fit=1000%2C574"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-11-25T03:08:06Z","datePublished":"2021-11-25T03:08:06Z","dateModified":"2024-06-11T08:53:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Breaking This Confluence Resistance Could Spark Recovery\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-confluence-resistance-58k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-confluence-resistance-58k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_638895124.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_638895124.jpg?fit=1000%2C574\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-11-25T03:08:06Z\",\"datePublished\":\"2021-11-25T03:08:06Z\",\"dateModified\":\"2024-06-11T08:53:33Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_638895124.jpg?fit=1000%2C574","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/477299"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=477299"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/477299\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/464159"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=477299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=477299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=477299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}