Bitcoin value began a draw back correction from the $60,000 resistance in opposition to the US Dollar. BTC is now approaching a serious help zone close to $56,200 and $56,000.
- Bitcoin fashioned a short-term prime close to $60,000 and began a draw back correction.
- The value is now buying and selling close to the $57,000 help and the 100 hourly easy shifting common.
- There is a key rising channel forming with help close to $56,150 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair is more likely to proceed larger so long as there isn’t any draw back break under the $56,000 help.
Bitcoin Price is Losing Momentum
There was an upside extension in bitcoin above the $59,500 stage. BTC even climbed in direction of the $60,000 stage earlier than the bears took a stand. A excessive is fashioned close to $60,040 earlier than there was a dip.
There was a break under the $58,500 and $58,000 help ranges. The value dipped under the 23.6% Fib retracement stage of the upward transfer from the $53,761 swing low to $60,040 excessive. It is now buying and selling close to the $57,000 help and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
The bulls are defending the 50% Fib retracement stage of the upward transfer from the $53,761 swing low to $60,040 excessive. There can be a key rising channel forming with help close to $56,150 on the hourly chart of the BTC/USD pair.
If there’s a draw back break under the $56,200 and $56,000 help ranges, there’s a threat of a pointy decline. In the acknowledged case, the worth is more likely to dive in direction of the $53,500 stage within the close to time period. An intermediate help might be close to the $55,000 stage.
Fresh Increase in BTC?
If bitcoin stays above the $56,200 and $56,000 help ranges, it may begin a contemporary enhance. An preliminary resistance on the upside is close to the $58,500 stage.
A transparent break above the $58,500 stage could presumably push the worth in direction of the $60,000 resistance zone. Any extra beneficial properties is more likely to set the tone for a transfer in direction of the $61,500 stage or perhaps a new all-time excessive within the coming days.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 stage.
Major Support Levels – $57,000, adopted by $56,000.
Major Resistance Levels – $58,500, $60,000 and $61,500.
