Bitcoin fights for higher support
The pioneer cryptocurrency trades at $55630 at the time of writing. Marginally beneath the market value, the 50 ( ) provides support. Holding above this area will see bulls shift the focus from defense to breaking the barriers toward $60,000.
Meanwhile, the least resistance path appears to be downward based on the Moving Average Convergence Divergence ( ) on the four-hour chart. The indicator is in the positive territory but is dropping toward the midline (0.00). If the line (blue) increases the divergence under the signal line, the leg will likely extend to the next key tentative support at $52,500.
On the upside, the ( ) shows that a rebound is possible in the near term. For instance, the indicator seems to have found an anchor at 40 and is currently pointing north toward the midline. Continued movement above the average level would encourage more investors to join the market in anticipation of a lifting beyond $60,000.
Bitcoin intraday levels
Spot rate: $55,740
Support: $55,000 and $52,500
Resistance: $56,00, $57,500 and $60,000