Bitcoin failed to break through the resistance of $60,650. BTC may now be correcting its gains, and it could fall towards the support zone of $57.500.
- Bitcoin’s price is trading at a level well below $60,000.
- This price has fallen below both the simple moving average of 100 hours (and $58,800) and is currently trading at a lower level.
- On the hourly chart for the BTC/USD, there was a breakdown below the key bullish line that had support at $60,000. (Data feed from Kraken).
- If the pair stays above $57,500’s support zone it could rise again.
Bitcoin Price Starts Downside Correction
The Bitcoin price began to increase steadily after breaking the previous record. $58,500 resistance zone. BTC managed to surpass the resistance of $59,500. They even broke through the $60,000 zone of resistance.
There is a strong bearish trend near $60,650. The price has corrected after a high of $60,638 was reached. gains. A drop was recorded below $59,500. Even the price dropped below the Fib level that retraces the move upwards from the swing low of $55,548 to the high of $60,638.
The hourly chart shows a breakout below a bullish trendline with support of $60,000, as well. Bitcoin now trades below $58,800, and the hourly simple moving average.
Price could be facing resistance at the level of $59200. Near the $60,000 mark, we find our first major resistance. The next session could see a rise in price if the $60,000 level is decisively surpassed. 60,650 could be the next major resistance. The price could rise further if it closes over the resistance of $60,650. Price could test $62,000 and rise in this case.
BTC: More downsides?
Bitcoin could move lower if it fails to break through the resistance level of $59,200. The immediate support for Bitcoin on the downside lies near the $58,000 mark or the 50% Fib Retracement Level of the uptrend from the $55,548 low swing to the $60638 high.
First major support: $57,500. Next support lies near $56,750. In the short term, any further losses could send the price towards the $55,550 resistance.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $58,000, followed by $57,500.
Major Resistance Levels – $59,200, and $60,000.
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Source: www.newsbtc.com
