Bitcoin cost extended its decline and evaluated the $53,000 zone versus the United States Dollar. BTC is fixing greater, however it is dealing with a great deal of obstacles near $55,000 and $56,000.
- Bitcoin stayed in a short-term bearish zone and it extended its decline to $53,000.
- The cost is now trading well below the $56,000 level and the 100 per hour easy moving average.
- There is an essential bearish pattern line forming with resistance near $55,200 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set might fix greater, however it is most likely to battle near $56,000 and $56,500.
Bitcoin Price is Facing Hurdles
Bitcoin stopped working to recuperate above the $57,000 barrier and it extended its decline. BTC traded below the $54,000 assistance zone and it even decreased below $53,200.
There was a spike below $53,000 and the cost traded as low as $52,943. It is now fixing greater and trading above the $54,000 level. There was a break above the 23.6% Fib retracement level of the current drop from the $59,040 swing high to $52,943 low.
It is now trading well below the $56,000 level and the 100 per hour easy moving average. There is likewise an essential bearish pattern line forming with resistance near $55,200 on the per hour chart of the BTC/USD set.
Source: BTCUSD on TradingView.com
If there is an upside break above the pattern line resistance, it might fix greater towards the $55,500 resistance zone. The 50% Fib retracement level of the current drop from the $59,040 swing high to $52,943 low is likewise near the $55,600 level.
The next crucial resistance is near the $56,000 level. A close above the $56,000 level may increase the possibilities of a stable boost above the 100 per hour easy moving average.
More Losses in BTC?
If bitcoin stops working to clear the $55,500 resistance or $56,000, it might begin a fresh decline. An preliminary assistance on the drawback is near the $54,200 level.
The initially crucial assistance is near the $53,400 level, below which the cost may review the $52,943 low. Any more losses might unlock for a drop towards the $52,000 assistance zone.
Hourly MACD – The MACD is having a hard time to get rate in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is recuperating towards the 50 level.
Major Support Levels – $54,200, followed by $53,000.
Major Resistance Levels – $55,500, $56,000 and $58,500.