Bitcoin’s price has found support around the $56,350 region. BTC is rising, but bears may be active around the $60,000 zone.
- Bitcoin has begun to recover from its $56,350 zone of support.
- It is currently trading at a price below the Simple 100 hourly Moving Average and $60,000
- The hourly chart shows a breaking above a bearish trendline that has resistance at $57,800. (Data feed from Kraken).
- Both could have a hard time clearing the resistance levels of $60,500 and $65,500.
Bitcoin price faces resistance
Bitcoin prices extended losses to below $60,000 levels in order to enter into a short-term bearish zone. BTC actually traded under the $58,000 before the bulls emerged near the $56,350.
At $56,378 a low formed and the price began a good recovery wave. The price rose above the $58,000 support zone. The BTC/USD hourly chart showed a breaking above a bearish trendline that had resistance at $57,800.
Price climbed over the 23.6% Fib level of the down wave from the swing high at $64,738 to the low price at $56,378. Bitcoin still trades below $60,000. 100 hourly Simple moving average.
The immediate resistance level is close to $60,000. First major resistance may be at $60,500. This is very close to 50% of the Fib level for the decline from the swing-high $64,738 low to the swing-low $56,378. The next Key resistance can be as high as $61,500.
Source: BTCUSD on TradingView.com
Price could rise if the market price moves above $61,500. A clear move above the $61,500 resistance might send the price higher. next The resistance is now at $63,400. The price may continue to rise if there is an obvious move over the resistance level of $63,400. The price may rise to $65,000 in the case stated.
Rejection In BTC?
Bitcoin’s next decline could be triggered if the 60,500-dollar resistance zone is not overcome. Near the $58,500 support level, there is immediate support for Bitcoin’s downside.
The $57,800 mark is the first significant support. The price may start dropping towards $56,350, if there’s a close under $57,800. If the price continues to drop, it could soon reach the support level of $55,000.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $57,000, followed by $56,500.
Major Resistance Levels – $60,000, $60,500, and $61,500.
Disclaimer article It is intended solely for educational use. NewsBTC does not give its opinion on the best way to invest, whether you should buy, hold or sell any investment. Investing is risky and comes with risks. We recommend that you do your research. own Do your research before you make any investments. This website is for informational purposes only. own risk.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com