Bitcoin’s price began a correction to the downside from the resistance area of $62,700. BTC has been consolidating around $58,500, and is struggling to recover.
- Bitcoin began a steady decline below $61,500 and $60,000.
- Price is below $60,000. The 100-hour Simple Moving Average.
- On the hourly chart for the BTC/USD, there was a breakdown below the key bullish line. Support is at $61,000 (data from Kraken).
- If the pair trades under $58,500, it could continue to decline.
The Bitcoin price holds support
Bitcoin Price started at a downside correction After it failed to remain above $62,500. BTC fell below $61,500 to enter a short term bearish area.
On the hourly BTC/USD chart, there was a breakdown below the key bullish line that had support at $61,000. Even the Fib 50% retracement of the move upward from the swing low $54,556 to the high $62,700 was broken.
Bitcoin is currently trading at a price below $60,000. 100 hourly Simple moving average. Bulls protect the $58,500 zone of support. The price remains above the Fib level of 61.8% retracement for the move upwards from the swing low $54,556 to the high $62,700.
Price could be facing resistance on the upside near $59500. Near the $60,000.00 level, we find our first major resistance. If the price moves above $60,000, it could continue to rise in the future. A clear move above the $60,000 resistance could send the price higher in future sessions. next Key resistance can be as high as $61,200.
It is important to note that the word “you” means “you”. next The major obstacle is $62,500. The price could rise if it closes above the resistance of $62,500. The price may rise to test $65,000 and then move higher.
BTC: More downsides?
Bitcoin could fall further if it fails to break through the resistance level of $60,000. Near the $58,500 support level, there is immediate support for the downside.
First major assistance is $57.650. The first major support is $57,650. next The support zone is close to $57,250. If the market continues to fall, it could push the price towards the $55,500 zone of support or even toward $55,000.
Indicators of 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 – $58,500, followed by $57,250.
Major Resistance Levels – $59,500, and $60,000.
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Source: www.newsbtc.com