Bitcoin worth is buying and selling in a spread under the $57,500 resistance towards the US Dollar. BTC is more likely to begin a significant decline if there’s a clear break under the $53,500 help zone.
- Bitcoin is struggling to achieve momentum above the $56,000 and $56,500 ranges.
- The worth is now buying and selling nicely under $56,500 and the 100 hourly easy shifting common.
- There is a brand new declining channel forming with resistance close to $55,750 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may appropriate increased, however the bulls are more likely to wrestle close to $55,750 and $56,500.
Bitcoin Price Remains At Risk
Bitcoin recovered higher above the $56,000 stage, however the bulls failed to achieve power. BTC topped close to the $56,400 stage and it did not clear the 100 hourly easy shifting common.
A excessive was shaped close to $56,404 and the worth resumed its decline. It broke the $55,400 help and revisited the $53,500 help zone. A low is shaped close to $53,650 and the worth is now consolidating losses. An instant resistance is close to the $55,050 stage.
The 50% Fib retracement stage of the latest decline from the $56,404 excessive to $53,670 low can be close to $55,050. The subsequent key resistance is close to the $55,400 stage.
Source: BTCUSD on TradingView.com
Moreover, there’s a new declining channel forming with resistance close to $55,750 on the hourly chart of the BTC/USD pair. The channel resistance is near the 76.4% Fib retracement stage of the latest decline from the $56,404 excessive to $53,670 low.
Above the channel resistance, the principle vary resistance is close to the $57,500 stage. A profitable break above the channel resistance after which a observe up transfer above $57,500 is should to begin a recent rally.
Downside Break in BTC?
If bitcoin fails to clear the $55,050 and $55,500 resistance ranges, it may appropriate decrease. An instant help on the draw back is close to the $54,000 stage.
The first key help is close to the $53,500 stage and the channel decrease pattern line. Any extra losses could probably name for a downside break in direction of the $51,000 and $50,000 ranges.
Technical indicators:
Hourly MACD – The MACD is slowly gaining tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 stage.
Major Support Levels – $54,000, adopted by $53,500.
Major Resistance Levels – $55,050, $55,500 and $56,500.
