Bitcoin was unable to break the $60,000 resistance against the US Dollar. BTC moves lower and could lose $55,000 to the US Dollar in the short term.
- Bitcoin was unable to overcome the resistances of $60,500 ($60,000) and $60,000 ($60,500).
- The current price of the stock is trading at $58,500, which also includes the simple 100 hour moving average.
- A break was seen below a bullish trend line, with support close to $59,000. (Data feed from Kraken).
- It seems that the pair is in decline and bears may be aiming to take more losses than $56,500.
The Bitcoin price turns red
The Bitcoin price tried to recover above the $58,500 resistance level. BTC was able to spike above the $60,000 mark, however there wasn’t any bullish momentum.
Accordingly, the price began a new decline below the $59,000. Below the $58,500 level of support and below the 100 hourly simple moving mean, the price fell. A break was also observed below the key bullish trendline with support at $59,200, on the hourly BTC/USD chart.
Bitcoin fell below the 50% Fib Retracement level for the uptrend from the $55,674 swing high to the $60,050 low. The 100-hourly simple moving average is also below Bitcoin’s current trading price of $58,500.
Support is available at the $57 350 level. This support is near the 61.8% Fib level of the upward waves from the $55,674 swing high to $60,050 low. It is currently near $56,500. More losses can be caused by a downturn below the $56,500 threshold.
Source: BTCUSD from TradingView.com
Main support lies near the $55,500-$55,000 levels. If there are more losses, it could be a sign that the market is moving towards the $52,000 support area in the near future.
BTC: A Fresh Recovery
It could begin a new uptrend if bitcoin remains above the $56,500 level. Surprisingly, the initial resistance to bitcoin is at the $58,000 mark.
It is located near the $59,500 level. The 100 hourly simple moving mean will be the next key resistance. Near the $59,000. The price could rise to $60,000 if it breaks above this level. Price gains of more than $59,200 could push the price to the $61,200 mark.
Indicators technical
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.
