Bitcoin worth declined additional under the $55,000 help zone. BTC is down over 15% and may even slide towards the $50,000 zone.
- Bitcoin gained bearish momentum under the $56,500 and $55,000 help ranges.
- The worth is buying and selling under $55,000 and the 100 hourly Simple shifting common.
- There is a connecting bearish pattern line forming with resistance at $56,700 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin a respectable restoration wave if it clears the $58,000 resistance zone.
Bitcoin Price Nosedives
Bitcoin worth prolonged losses under the $56,500 help zone. BTC even traded under the $55,000 and $54,500 ranges. A low is shaped close to $52,430 and the value is now consolidating losses.
It recovered above the $53,500 degree and examined the 23.6% Fib retracement degree of the downward transfer from the $61,040 swing excessive to the $52,430 low. However, the value is now struggling to clear the $55,000 resistance zone. There can also be a connecting bearish pattern line forming with resistance at $56,700 on the hourly chart of the BTC/USD pair.
Bitcoin worth is buying and selling under $55,000 and the 100 hourly Simple moving average. On the upside, the value might face resistance close to the $55,500 degree. The first key resistance is close to the $56,800 degree.
A transparent transfer above the $56,800 resistance may ship the value additional larger within the coming periods. The subsequent key resistance may very well be $58,000 or the 61.8% Fib retracement degree of the downward transfer from the $61,040 swing excessive to the $52,430 low.
The subsequent main hurdle sits at $58,800. An in depth above the $58,800 resistance may spark bullish strikes. In the said case, the value might rise and check the $60,000 resistance.
More Downsides In BTC?
If Bitcoin fails to get better above the $56,800 resistance zone, it might begin one other decline. Immediate help on the draw back is close to the $53,000 degree.
The first main help is $52,500. The subsequent help is now close to $52,000. Any extra losses may ship the value towards the $50,000 help zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 30 degree.
Major Support Levels – $53,000, adopted by $52,500.
Major Resistance Levels – $56,800, and $58,000.
