Bitcoin worth did not appropriate above the $55,750 zone in opposition to the US Dollar. BTC is displaying bearish indicators and it stays at a danger of extra losses beneath $54,000.
- Bitcoin did not appropriate greater and it struggled to settle above $55,500.
- The worth is now buying and selling effectively beneath $55,500 and the 100 hourly easy transferring common.
- There is a key bearish development line forming with resistance close to $56,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair is prone to decline closely if it fails to remain above $54,000 and $53,750.
Bitcoin Price Signaling Bearish Signs
Yesterday, we noticed a crucial decline in bitcoin beneath the $55,500 assist zone. BTC even broke the $54,000 degree earlier than beginning an upside correction.
There was a restoration above the $55,000 resistance. The worth even climbed above $55,500, however there was no comply with up transfer. A excessive was fashioned close to $55,757 earlier than the value declined once more. It broke the $55,000 assist zone.
It is now buying and selling effectively beneath $55,500 and the 100 hourly simple moving average. There can be a key bearish development line forming with resistance close to $56,000 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
An preliminary resistance on the upside is close to the $54,650 degree. It is close to the 50% Fib retracement degree of the current drop from the $55,757 excessive to $53,504 low. The first main resistance is close to the $54,850 and $55,000 ranges.
The 61.8% Fib retracement degree of the current drop from the $55,757 excessive to $53,504 low can be close to $54,850. To begin a gradual restoration, the value should settle above $55,000 and $55,500. The subsequent main resistance for the bulls might be close to the $57,000 area.
More Losses in BTC?
If bitcoin fails to appropriate greater above $55,000 and $55,500, there are possibilities of extra downsides within the close to time period. An preliminary assist is close to the $54,000 degree.
The key assist is now close to the $53,150 degree, beneath which the bears may goal a take a look at of the $50,000 assist zone within the close to time period.
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 effectively beneath the 50 degree.
Major Support Levels – $53,000, adopted by $51,750.
Major Resistance Levels – $54,850, $55,000 and $55,500.
