Bitcoin Corrects Lower, Why This Indicator Holds The Key

[Nikawe]

Bitcoin started a downside correction from the $57,800 zone against the US Dollar. BTC must stay above the 100 hourly SMA to start a fresh increase in the near term.

Bitcoin corrected lower below the $57,000 pivot level.
The price is now trading above $56,000 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $55,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if it clears the $57,000 resistance zone.see