BlocksInform
Bitcoin price failed to continue higher towards $60,000 against the US Dollar. BTC declined sharply and tested the $54,500 support zone, where the bulls took a stand.
- Bitcoin failed to extend gains and it formed a short-term top near the $59,000 level.
- The price is now trading well below the $57,000 level and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $57,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- No rewrites were found
Bitcoin Price Corrects 4%
Bitcoin attempted more upsides above the $58,500 resistance level.The Bitcoin price has corrected 4%Bitcoin continues to try to make gains above the $58,500 resistance level.A high was formed near $59,028 before it started a downward move.
The price broke the $58,000 and $57,000 support levels.The price broke the $58,000 and $57,000 support levels before forming a high near $59,028.There was also a spike below the $55,000 support level.
It is now trading well below the $57,000 level and the 100 hourly simple moving average.Currently, the price is trying to recover from the low near $54,665 and is attempting to break higher.Bitcoin broke the $55,500 resistance level. There was a break above the 23.6% Fib retracement level of the recent decline from the $59,028 high to $54,665 low.
Source: BTCUSD on TradingView.com
On the upside, an initial resistance is near the $56,800 level and the 100 hourly simple moving average.The 50% Fib level of the recent reversal from the $59,028 high to $54,665 low is also near $56,800.
Resistance is now forming near the $57,000 level.A successful break above the $56,800 and $57,000 resistance levels could open the doors for a fresh move towards the $59,000 level.
More Losses in BTC?
If bitcoin fails to clear the $56,800 resistance, it could correct lower once again. An initial support on the downside is near the $55,000 level.
The first key support is near the $54,500 level and the recent low. A downside break below the $54,500 support might call for a drop towards the $52,000 support zone.
Technical indicators:
Hourly MACD – The MACD is slowly recovering and losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.
Major Support Levels – $55,000, followed by $54,500.
There are major resistance levels at $56,800, $57,000, and $58,500.
