There was a break above a key bearish trend line with resistance near $56,500 on the hourly chart of the BTC/USD pair.
Bitcoin surpassed the 76.4% Fib retracement level of the key drop from the $57,835 swing high to $54,020 low.
It is near the 1.236 Fib extension level of the key drop from the $57,835 swing high to $54,020 low.
If bitcoin fails to clear the $59,000 resistance zone, it could start a downside correction.
A downside break below the $57,800 level could set the pace for a downside correction.
He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.