Bitcoin cost stopped working to remain above $60,000 and began a fresh decline versus the United States Dollar. BTC could extend losses listed below $55,000 in the near term.
- Bitcoin began a fresh decline from the $61,000 resistance zone.
- The cost is now trading listed below $58,000 and the 100 per hour basic moving average.
- There is a crucial bearish pattern line with resistance near $58,000 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set could extend losses listed below $55,500 and $55,000 in the near term.
Bitcoin Price Gains Bearish Momentum
Bitcoin cost tried a healing wave above the $60,000 level. However, BTC stopped working to acquire strength above $60,500 and began a fresh decline. There was a sharp decline listed below $60,000 and the 100 per hour basic moving average.
The bears gotten strength for a relocation listed below the $58,000 assistance level. The cost even traded listed below the $56,500 level. A low is formed near $55,858 and the cost is still trading with a bearish angle.
An preliminary resistance on the benefit is near the $56,500 level. The initially significant resistance is near the $57,000 level. It is close to the 23.6% Fib retracement level of the current decline from the $60,964 swing high to $55,858 low. There is likewise a crucial bearish pattern line with resistance near $58,000 on the per hour chart of the BTC/USD set.
The primary resistance is now forming near the $58,000 and $58,500 levels. It is close to the 50% Fib retracement level of the current decline from the $60,964 swing high to $55,858 low.
A correct close above the $58,500 level could set the tone for a consistent healing. The next significant resistance is near the $59,800 and $60,000 levels. Any more gains could unlock for a relocation towards the $61,200 level.
More Losses in BTC?
If bitcoin stops working to recuperate above the $58,000 resistance zone, it could extend decline. An instant assistance on the disadvantage is near the $55,500 level.
The initially significant assistance is now forming near the $55,200 level. The next significant assistance is near the $55,000 level, listed below which the bears may intend more downsides. In the mentioned case, the cost might possibly move towards the $53,500 assistance zone in the near term.
Hourly MACD – The MACD is now getting rate in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well listed below the 50 level.
Major Support Levels – $55,500, followed by $55,000.
Major Resistance Levels – $56,500, $57,000 and $58,500.