Bitcoin worth is consolidating losses above the $55,000 stage. BTC should settle above $58,500 after which $60,000 to start out a restoration wave.
- Bitcoin dipped once more and retested the $54,500 assist zone.
- The worth is buying and selling beneath $58,500 and the 100 hourly Simple shifting common.
- There is a connecting bearish development line forming with resistance at $57,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair would possibly battle to start out a recent enhance above the $58,500 resistance zone.
Bitcoin Price Faces Hurdles
Bitcoin worth tried a recovery wave above the $56,500 stage. BTC even climbed above the $57,500 stage. However, it didn’t proceed larger above the $58,200 zone.
A excessive was shaped at $58,129 and the worth began a recent decline. There was a drop beneath the $57,000 and $55,500 stage. A low has shaped close to $54,954 and the worth is now consolidating losses. There was a minor enhance above the 50% Fib retracement stage of the downward transfer from the $58,129 swing excessive to the $54,954 low.
Bitcoin worth remains to be buying and selling beneath $57,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is close to the $57,250 stage or the 76.4% Fib retracement stage of the downward transfer from the $58,129 swing excessive to the $54,954 low.
The first key resistance is close to the $57,650 stage. There can be a connecting bearish development line forming with resistance at $57,650 on the hourly chart of the BTC/USD pair.
A transparent transfer above the development line would possibly ship the worth towards the $58,200 stage. The subsequent key resistance could possibly be $58,500. An in depth above the $58,500 resistance would possibly begin a regular enhance and ship the worth larger. In the acknowledged case, the worth might rise and take a look at the $60,000 resistance.
Another Decline In BTC?
If Bitcoin fails to climb above the $57,650 resistance zone, it might begin one other decline. Immediate assist on the draw back is close to the $56,000 stage.
The first main assist is $55,500. The subsequent assist is now close to $54,500. Any extra losses would possibly ship the worth towards the $5,200 assist zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $55,500, adopted by $54,500.
Major Resistance Levels – $57,650, and $58,500.
