BTC / USD
36,659.27
0.45%
(-166.82)
ETH / USD
2,421.17
0.94%
(-23.03)
XRP / USD
0.61
1.09%
(-0.01)
LTC / USD
107.07
2.58%
(-2.84)
EOS / USD
2.19
0.08%
(-0)
BCH / USD
288.10
1.26%
(-3.68)
ADA / USD
1.03
4.45%
(-0.05)
XLM / USD
0.19
0.56%
(-0)
NEO / USD
18.00
0.1%
(+0.02)
XEM / USD
0.10
1.73%
(-0)
DASH / USD
89.63
0.83%
(-0.75)
USDT / USD
1.00
0.1%
(0)
BNB / USD
380.61
2.52%
(+9.35)
QTUM / USD
5.51
1.5%
(+0.08)
XVG / USD
0.01
3.53%
(0)
ONT / USD
0.45
0.06%
(-0)
ZEC / USD
90.69
3.81%
(-3.59)
STEEM / USD
0.29
2.11%
(+0.01)

Bitcoin Starts Fresh Decrease, Why BTC Could Test $55k

0


- Advertisement -

Bitcoin failed to clear the $60,000 resistance zone against the US Dollar. BTC is moving lower, and it could extend losses towards $55,000 in the near term.

  • Bitcoin struggled to recover above the $60,000 and $60,500 resistance levels.
  • The price is now trading below $58,500 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $59,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is declining, and it seems like the bears are aiming more losses below $56,500.

Bitcoin Price Turns Red

Bitcoin price attempted a recovery wave above the $58,500 resistance zone. BTC spiked above the $60,000 zone, but there was no real bullish momentum.

As a result, the price started a fresh decline below the $59,200 level. The price traded below the $58,500 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $59,200 on the hourly chart of the BTC/USD pair.

Bitcoin traded below the 50% Fib retracement level of the upward wave from the $55,674 swing low to $60,050 high. It is now trading below $58,500 and the 100 hourly simple moving average.

An immediate support 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 first major support is now forming near the $56,500 level. A downside break below the $56,500 level could spark more losses.

Source: BTCUSD on TradingView.com

The main support is near the $55,500 and $55,000 levels. Any more losses may perhaps set the pace for a move towards the $52,000 support zone in the near term.

Fresh Recovery In BTC?

If bitcoin stays above the $56,500 support, it could start a fresh increase. On the upside, an initial resistance is near the $58,000 level.

The first key resistance is near the $58,500 level and the 100 hourly simple moving average. The next major resistance sits near the $59,200 level, above which the price might rise towards the $60,000 level. Any more gains could lead the price towards the $61,200 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $56,500, followed by $55,500.

Major Resistance Levels – $58,500, $59,200 and $60,000.



Source link

Sidebar 2
Leave A Reply

Your email address will not be published.

Shares