Bitcoin fell again short of the $58,500 resistance to the US Dollar. BTC is falling and could accelerate to the downside below the $56,000 resistance in the immediate term.
- Bitcoin struggles to surpass the $58,000-$58,500 level.
- It is trading at $57,000 above the simple 100-hour moving average.
- The hourly BTC/USD chart showed a breaking below the key bullish trendline with support at $57,200 (data feed Kraken).
- If the pair breaks below $56,000, it could be accelerated lower.
It is difficult to find bitcoin prices
Bitcoin prices have not risen above $58,500. BTC’s last swing high was $58,890. It is now slowly declining. The $58,000 mark was broken.
Below the 23.6% Fib Retracement level, the price fell below the upward movement from $53,300 swing lows to $58,890 highs. On the hourly chart for the BTC/USD pair, the price also broke below the 23.6% Fib retracement level of the upward move from the $53,300 swing low to the $58,890 high.
Bitcoin trades at $57,000, which is below the simple moving average of 100 hours. Near the $57,000.500 level is an immediate resistance to the upside. Near the $58,000 mark is the first significant resistance.
Source: BTCUSD from TradingView.com
Main resistance remains at the $58,500 mark. Breaking above the $58,500 level would open up the door to greater upsides. Next is $60,000, which could be the key resistance. If the price rises above that level, it will likely continue to climb steadily. Near the $61,200 level could be the next major resistance for bulls.
New Drop in BTC
It could lead to a further decline if bitcoin does not clear the $58,000 resistance area. Near the $57,000 support level, there is immediate support. Now, the first significant support is forming at the near $56,800 level.
Near the $56,000 mark is the next support. This is just below the 50% Fib support level for the upward move of $53,300 from its low at $58,890 to high at $55,600. The price could fall below $56,000 and reach $55,500 if it does. Any more losses might start a major decline towards $52,000.
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 currently below the 50 level.
Major Support Levels – $57,000, followed by $56,000.
Major Resistance Levels – $58,000, $58,500 and $60,000.
