Bitcoin worth declined additional beneath the $55,000 assist zone. BTC is down over 15% and would possibly even slide towards the $50,000 zone.
Bitcoin gained bearish momentum beneath the $56,500 and $55,000 assist ranges.
The worth is buying and selling beneath $55,000 and the 100 hourly Easy shifting common.
There’s a connecting bearish development line forming with resistance at $56,700 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair would possibly begin a good restoration wave if it clears the $58,000 resistance zone.
Bitcoin Value Nosedives
Bitcoin worth prolonged losses beneath the $56,500 assist zone. BTC even traded beneath the $55,000 and $54,500 ranges. A low is fashioned close to $52,430 and the worth is now consolidating losses.
It recovered above the $53,500 degree and examined the 23.6% Fib retracement degree of the downward transfer from the $61,040 swing excessive to the $52,430 low. Nonetheless, the worth is now struggling to clear the $55,000 resistance zone. There may be additionally a connecting bearish development line forming with resistance at $56,700 on the hourly chart of the BTC/USD pair.
Bitcoin worth is buying and selling beneath $55,000 and the 100 hourly Easy shifting common. On the upside, the worth may face resistance close to the $55,500 degree. The primary key resistance is close to the $56,800 degree.
A transparent transfer above the $56,800 resistance would possibly ship the worth additional larger within the coming periods. The following key resistance could possibly be $58,000 or the 61.8% Fib retracement degree of the downward transfer from the $61,040 swing excessive to the $52,430 low.
The following main hurdle sits at $58,800. A detailed above the $58,800 resistance would possibly spark bullish strikes. Within the said case, the worth may rise and take a look at the $60,000 resistance.
Extra Downsides In BTC?
If Bitcoin fails to recuperate above the $56,800 resistance zone, it may begin one other decline. Speedy assist on the draw back is close to the $53,000 degree.
The primary main assist is $52,500. The following assist is now close to $52,000. Any extra losses would possibly ship the worth towards the $50,000 assist zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 30 degree.
Main Assist Ranges – $53,000, adopted by $52,500.
Main Resistance Ranges – $56,800, and $58,000.
