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Bitcoin dropped over $5,000 and tested the support at $45,000. Although BTC is correcting losses, there is strong resistance near $54,000 and $55,000.
- There was a temporary break below a trend line which supported the price near $54,500 on the hourly chart of the BTC/USD pair.
- A strong resistance can now be seen at both the $55,000 trend line support and the $56,000 level.Bitcoin Price is Showing More LossesAfter a short-term peak, bitcoin price began a sharp decline beneath $56,000.
- In BTC price action, the key $55,000 support level has been broken down along with the 100 hourly SMA. There was also a breakout below the bullish trend line with support near $54,500 on the hourly chart of the BTC/USD pair.
- It even dropped below the $50,000 support level.
Above the $50,000 and $52,000 levels, it broke above the $45,000 support level to rise above it.
Even above the 50% Fib level, we can now see the price is approaching the trend line support and $55,000 as a strong resistance. Despite having broken a major bullish trend line with support near $54,500 on the hourly chart of Bitcoin/USD (data from Kraken), the price has fallen below $55,000 and the 100 hourly simple moving average.However, the same trend line support and $55,000 are now acting as strong resistance. Bitcoin also seems to be below the $50,000 support level now with the 100 hourly simple moving average near it, as well as the 76.4% Fibonacci retracement level of the down-move from the $58,350 swing high to $45,000 swing low.
There was also a break below a major bullish trend line with support near $54,500 on the hourly chart of the BTC/USD pair. There is a major resistance near the $55,000 level and the 100 hourly SMA. To start a fresh increase and move into a positive zone, the price needs to surpass $55,000. It tested the $45,000 support before correcting higher.
The Bitcoin price declined over $5,000 and traded below the $45,000 support against the US Dollar. However, the price of bitcoin is going up again, but it's facing a strong resistance near $54,000 and $55,000.
Source: BTCUSD on TradingView.com
Now the same trend line support and $55,000 are acting as substantial resistance.Bitcoin Price is Starting to DeclineAfter forming a short-term top, bitcoin went down rapidly below $56,000. On the hourly chart of the BTC/USD pair, the bullish trendline was broken at $54,000. BTC moved below the key $55,000 support level and the 100 hourly simple moving average, forcing a move to the downside.
Despite the drop in price, it spiked below the $50,000 support. The rate of change reached $45,000 before reversing to $52,000.
Interestingly enough, the price was even above the 50% retracement level of the $25,000 swing low to $58,350 swing high. Source: BTCUSD on TradingView.comHowever, that same trend line is now acting as a strong resistance.
Coin is now moving lower toward the $50,000 support levels while nearing the 76.4% Fib retracement level of the decline from the $58,350 high to $45,000 low. Upon failure to stay above $50,000, the price could fall towards the $46,200 support. Upsides Capped in Bitcoin?If Bitcoin remains stable above $50,000, it may attempt to spike above $54,000.
To start a fresh increase and move into a positive zone, the price must clear $55,000. $54,000, $55,000, and $57,000 are three major resistance levels.Hourly MACD – The MACD has been trending downwards while the RSI for BTC/USD is well below 50. Major Support Levels – $52,00, followed by $50,000.
$54,000, $55,000, and $57,000 are three major resistance levels.
BTCUSDTXbtuUSDBTCBTC
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.
Major Support Levels – $52,000, followed by $50,000.
Major Resistance Levels – $54,000, $55,000 and $57,000.
