Bitcoin value prolonged its decline beneath the $55,500 help zone in opposition to the US Dollar. BTC is at the moment recovering, however it’s prone to battle close to $55,500 and $56,450.
- Bitcoin did not clear $58,000 and it began a recent decline beneath $57,000.
- The value is now buying and selling properly beneath $56,450 and the 100 hourly easy shifting common.
- There was a break beneath a key contracting triangle with help close to $56,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair is prone to proceed decrease if it fails to get well above $55,500 and $56,450.
Bitcoin Price Extends Losses
There was no clear upside break in bitcoin above the $58,000 resistance zone. As a end result, BTC broke the $56,450 help zone to maneuver right into a bearish zone (as mentioned in yesterday’s analysis).
The bears took management and the value even failed to remain above the $55,500 help stage. There was a break beneath a key contracting triangle with help close to $56,800 on the hourly chart of the BTC/USD pair. There was additionally a spike beneath the $54,500 help and the value examined the $53,750 help.
A low is shaped close to $53,786, and the value is now buying and selling properly beneath $56,450 and the 100 hourly easy shifting common. Bitcoin is at the moment recovering and buying and selling above $54,500. It cleared the 23.6% Fib retracement stage of the current decline from the $58,400 excessive to $53,783 low.
Source: BTCUSD on TradingView.com
The first main resistance is close to the $55,500 stage. The subsequent major resistance is close to the $56,000 stage. It is near the 50% Fib retracement stage of the current decline from the $58,400 excessive to $53,783 low.
The primary resistance is now forming close to the $56,450 stage, above which the value would possibly revisit the important thing $58,000 breakout resistance zone.
More Losses in BTC?
If bitcoin fails to appropriate greater above $55,500 and $56,000, there are probabilities of extra downsides within the close to time period. An preliminary help is close to the $54,000 stage.
The key help is now close to the $53,750 stage, beneath which the bears would possibly goal a check of the $50,000 help zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is dropping tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.
Major Support Levels – $54,000, adopted by $53,750.
Major Resistance Levels – $55,550, $56,000 and $56,450.
