Bitcoin worth prolonged its decline and examined the $53,000 zone in opposition to the US Dollar. BTC is correcting greater, however it’s dealing with a whole lot of hurdles close to $55,000 and $56,000.
- Bitcoin remained in a short-term bearish zone and it prolonged its decline to $53,000.
- The worth is now buying and selling nicely beneath the $56,000 degree and the 100 hourly easy shifting common.
- There is a key bearish development line forming with resistance close to $55,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may appropriate greater, however it’s more likely to wrestle close to $56,000 and $56,500.
Bitcoin Price is Facing Hurdles
Bitcoin didn’t get better above the $57,000 barrier and it prolonged its decline. BTC traded beneath the $54,000 assist zone and it even declined beneath $53,200.
There was a spike beneath $53,000 and the worth traded as little as $52,943. It is now correcting greater and buying and selling above the $54,000 degree. There was a break above the 23.6% Fib retracement degree of the current drop from the $59,040 swing excessive to $52,943 low.
It is now buying and selling nicely beneath the $56,000 degree and the 100 hourly easy shifting common. There can also be a key bearish development line forming with resistance close to $55,200 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
If there’s an upside break above the development line resistance, it may appropriate greater in direction of the $55,500 resistance zone. The 50% Fib retracement degree of the current drop from the $59,040 swing excessive to $52,943 low can also be close to the $55,600 degree.
The subsequent key resistance is close to the $56,000 degree. An in depth above the $56,000 degree may enhance the possibilities of a steady increase above the 100 hourly easy shifting common.
More Losses in BTC?
If bitcoin fails to clear the $55,500 resistance or $56,000, it may begin a recent decline. An preliminary assist on the draw back is close to the $54,200 degree.
The first key assist is close to the $53,400 degree, beneath which the worth may revisit the $52,943 low. Any extra losses may open the doorways for a drop in direction of the $52,000 assist zone.
Technical indicators:
Hourly MACD – The MACD is struggling to realize tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is recovering in direction of the 50 degree.
Major Support Levels – $54,200, adopted by $53,000.
Major Resistance Levels – $55,500, $56,000 and $58,500.
