Bitcoin prices continued their declines below the $58,500 resistance zone. BTC could move further down towards the $55,000 zone.
- Bitcoin has gained momentum below the support level of $60,000.
- It is currently trading at a price below $59,000, and it’s moving lower than the 100-hour Simple moving average.
- The hourly chart for the BTC/USD pairs shows a connective bearish trendline with a resistance level of $58,400. (Data feed by Kraken).
- It is possible that the pair will continue to lose if they fail to hold above 57,200.
Bitcoin Price Extends Losses
Bitcoin Price started at a fresh decline The price traded under the support level of $60,000. Bears managed to drive the price down below $58,500. BTC spiked even below $57,200.
The price has now reached a low of $57,124. It is consolidating its losses. The price was slightly higher, but it remained below the Fib 23.6% retracement of the recent drop from the swing high at $60,954 to the low at $57,124.
Bitcoin now trades below $60,000. 100 hourly Simple moving average. On the hourly BTC/USD chart, there is also an overlapping bearish trendline with resistance of $58,400.
Price could be facing resistance at the level of $58,000. First, the price will face resistance near $58,400 and the trendline. If the price moves above $58,400, it could continue to rise in the future.
Next, the key resistance level could be $59 040 or 50% of the Fib Retracement Level for the recent drop from the swing high $60 954 to the low $57 124. The price could rise further if it closes over the $59 040 resistance. The price may rise to test the $60,000 barrier.
BTC – More negatives in the future?
Bitcoin could begin a new decline if it fails to break through the resistance level of $58,400. Support on the downside near $57,200 is immediate.
First major support at $56,500. Now, the next major support zone is nearer $56,200. In the short-term, any further losses could send the price to the $55,000 support.
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 – $57,200, followed by $56,500.
Major Resistance Levels – $58,000, and $58,400.
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Source: www.newsbtc.com
