Bitcoin worth prolonged its decline and examined the $53,000 zone in opposition to the US Greenback. BTC is correcting greater, however it’s going through quite a lot of hurdles close to $55,000 and $56,000.
Bitcoin remained in a short-term bearish zone and it prolonged its decline to $53,000.
The worth is now buying and selling properly under the $56,000 degree and the 100 hourly easy transferring common.
There’s a key bearish development line forming with resistance close to $55,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair may appropriate greater, however it’s prone to battle close to $56,000 and $56,500.
Bitcoin Value is Going through Hurdles
Bitcoin didn’t get well above the $57,000 barrier and it prolonged its decline. BTC traded under the $54,000 help zone and it even declined under $53,200.
There was a spike under $53,000 and the worth traded as little as $52,943. It’s now correcting greater and buying and selling above the $54,000 degree. There was a break above the 23.6% Fib retracement degree of the current drop from the $59,040 swing excessive to $52,943 low.
It’s now buying and selling properly under the $56,000 degree and the 100 hourly easy transferring common. There may be additionally a key bearish development line forming with resistance close to $55,200 on the hourly chart of the BTC/USD pair.
Supply: BTCUSD on TradingView.com
If there’s an upside break above the development line resistance, it may appropriate greater in the direction of the $55,500 resistance zone. The 50% Fib retracement degree of the current drop from the $59,040 swing excessive to $52,943 low can be close to the $55,600 degree.
The subsequent key resistance is close to the $56,000 degree. An in depth above the $56,000 degree would possibly improve the possibilities of a gentle improve above the 100 hourly easy transferring common.
Extra Losses in BTC?
If bitcoin fails to clear the $55,500 resistance or $56,000, it may begin a contemporary decline. An preliminary help on the draw back is close to the $54,200 degree.
The primary key help is close to the $53,400 degree, under which the worth would possibly revisit the $52,943 low. Any extra losses may open the doorways for a drop in the direction of the $52,000 help zone.
Hourly MACD – The MACD is struggling to realize tempo within the bullish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is recovering in the direction of the 50 degree.
Main Help Ranges – $54,200, adopted by $53,000.
Main Resistance Ranges – $55,500, $56,000 and $58,500.