Unfortunately when cycling with fish, you have to deal with the ammonia, and nitrate, nitrite spikes. It is so much easier to cycle a tank without fish, where you dont have to worry about the water perimeters. But with that said..
Since you do have fish in the tank, you really should be doing a water change daily.. and one asap for the health of your fish.
Since showing the spike in ammonia, and showing nitrItes now as well, you are on your way to having a cycled tank. Dont worry about loosing any of the beneficial bacteria, as most of it grows in the filter and on your substrate and decorations, plants etc. So its ok to do that water change now. In your 55 gal tank you should do at least a 25-30% water change now, and daily water changes of around 20% til your tank cycles. Suggested amount of water changes varies from member to member, but the most important thing is to do that water change and we can all agree on that at this point.
Good luck with your tank... and keep us posted on the cycle process!

~ kate