Bitcoin stopped working to clear the $60,000 resistance zone versus the United States Dollar. BTC is moving lower, and it might extend losses towards $55,000 in the near term.
- Bitcoin had a hard time to recuperate above the $60,000 and $60,500 resistance levels.
- The rate is now trading listed below $58,500 and the 100 per hour easy moving average.
- There was a break listed below an essential bullish pattern line with assistance near $59,200 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set is decreasing, and it appears like the bears are intending more losses listed below $56,500.
Bitcoin Price Turns Red
Bitcoin rate tried a healing wave above the $58,500 resistance zone. BTC increased above the $60,000 zone, however there was no genuine bullish momentum.
As an outcome, the rate began a fresh decrease listed below the $59,200 level. The rate traded listed below the $58,500 assistance zone and the 100 per hour easy moving average. Besides, there was a break listed below an essential bullish pattern line with assistance near $59,200 on the per hour chart of the BTC/USD set.
Bitcoin traded listed below the 50% Fib retracement level of the upward wave from the $55,674 swing low to $60,050 high. It is now trading listed below $58,500 and the 100 per hour easy moving average.
An instant assistance is near the $57,350 level. It is close to the 61.8% Fib retracement level of the upward wave from the $55,674 swing low to $60,050 high. The initially significant assistance is now forming near the $56,500 level. A drawback break listed below the $56,500 level might trigger more losses.
Source: BTCUSD on TradingView.com
The primary assistance is near the $55,500 and $55,000 levels. Any more losses might maybe set the speed for a relocation towards the $52,000 assistance zone in the near term.
Fresh Recovery In BTC?
If bitcoin remains above the $56,500 assistance, it might begin a fresh boost. On the advantage, a preliminary resistance is near the $58,000 level.
The initially crucial resistance is near the $58,500 level and the 100 per hour easy moving average. The next significant resistance sits near the $59,200 level, above which the rate may increase towards the $60,000 level. Any more gains might lead the rate towards the $61,200 level.
Technical indications:
Hourly MACD – The MACD is now acquiring speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now listed below the 50 level.
Major Support Levels – $56,500, followed by $55,500.
Major Resistance Levels – $58,500, $59,200 and $60,000.
