Bitcoin’s price began a second decline, this time from the resistance level of $60.650. BTC now faces further downsides under the support zone of $57,500.
- Bitcoin has corrected gains, and is gaining a bearish pace under the $59,000 mark.
- This price has fallen below both the simple moving average of 100 hourly and the $58,500.
- The hourly chart for the BTC/USD pairs shows a connective bearish trendline with resistance around $58,000. (Data feed by Kraken).
- It is possible that the pair will climb again, if they stay above the support level of $57.500.
The Bitcoin price turns red
Bitcoin struggled with its price to rise. $60,000 resistance zone The price of BTC started to fall again. BTC fell below the levels of $60,000, $59500 to initiate a downward correction.
A drop was seen below the 50% Fib level of the uptrend from the $55,550 swing-low to the 60,638 high. The bears have been able to move the price towards the support area of $57 500. A connecting trend line with resistance of $58,000 is now appearing on the hourly BTC/USD.
Bitcoin now trades below $58,500. 100 hourly Simple moving average. This is testing the level of 61.8% Fib Retracement from the downward move between the $55,550 swing-low and the $60,638 peak.
Price could be facing resistance to the upwards near $58,000 and the trendline. First, the price could face resistance near $58,200 and the Simple Moving Average 100-hourly. If the resistance level of $59,200 is clearly broken then a gradual increase could begin in the next sessions.
60,000. If the price closes above $60,000, it could spark further upsides. The price may rise to test $60,650 in the case stated.
BTC: More downsides?
Bitcoin could fall further if it fails to break through the $58,000 zone of resistance. Near the $57,500 mark is the immediate support for the downside.
The next major support will be around $56,750. Now, the next major support zone is nearer $56,250. 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 – $57,500, followed by $56,750.
Major Resistance Levels – $58,000, and $59,200.
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Source: www.newsbtc.com
