Bitcoin (BTC) set for bullish breakout with squeezed Bollinger Bands

Bitcoin is trading near $57,900 as bulls try to press prices higher in the middle of marketing stress. The top cryptocurrency is up simply 1.24% over the past 24 hours and remains 3.5% in the red week-on-week.

BTC/USD can skyrocket to $59,500, with further gains most likely to push prices to a new high near $62k, John Bollinger states

Regardless of the struggle and formation of a bearish pattern line, one expert projections BTC rate is set for more gains.

According to John Bollinger, the technical analyst that developed the Bollinger Bands indication, Bitcoin cost is established for a benefit capture to a brand-new high.

” Bitcoin is setting up an attempt at an outbreak to a new high. $BTCUSD Still appears very early to me; much better to be on the alert than to miss out on,” he stated.

” Note: Crytpos trade 7 days, so may require various Squeeze criteria. Need to study this even more. Perhaps 28 period BBs?”

Bitcoin rate outlook

The Bitcoin (BTC) price remains above a favorable trend line following a rehabilitative bounce off the lows of $50,350 on 25 March. The favorable engulfing candlestick that developed after that saw BTC prices retest the $60k zone prior to another leg to the pattern line support.

The cryptocurrency is trading above the middle contour of 20-day Bollinger Bands, with a possible upward break most likely to push prices to the upper curve at $61,150.

The everyday RSI is above 50, while the price trending higher over the 50 SMA indicate a bullish sight.

BTC/USD everyday chart.

On the 2-hour chart, BTC/USD stays capped below the upper border of a coming down channel. The resistance line has actually restricted bulls because the retest of the $60,100 degree.

Although the line has actually served as a rigid difficulty, bulls are wanting to breach it as they target a boost to a coming down pattern line created since the rally to the all-time high of $61,683.

The 2-hour MACD and RSI indicators support a favorable expectation. The MACD’s favorable crossover is seeing it begin to increase within the favorable zone, while the RSI is aiming to turn greater above 50.

BTC/USD 2-hour chart.

If bulls keep costs above the 50 SMA ($57,707), an outbreak to the network’s resistance line can open a go to the straight obstacle at $59,500. The purpose would after that be to clear over $60k prior to attempting to crack the $62k mark.

As a matter of fact, failing to fix higher will certainly welcome marketing stress and see bears target $56,600. A failure from here as well as BTC/USD can touch lows of $55,000.

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