Cryptos

TA: Bitcoin Continues To Wrestle, Why BTC May Dive Beneath $ 55,000

Earn 8 Reward Points by commenting the blog post

Bitcoin is struggling to get better above $ 57,500 towards the US greenback. BTC is falling and will speed up under $ 55,000 within the close to time period.

  • Bitcoin is dealing with resistance close to the important thing ranges of $ 58,000 and $ 57,500.
  • The value is now buying and selling under $ 57,500 and the 100 hour easy transferring common.
  • A vital bearish trendline is forming with resistance close to $ 57,300 on the hourly chart of the BTC / USD pair (Kraken knowledge feed).
  • The pair is beneath strain and will slide additional under $ 55,500 within the close to time period.

Bitcoin worth faces hurdles

The value of Bitcoin tried one other bullish breakout above the resistance zone of $ 58,000. Nevertheless, BTC didn’t strengthen to obviously break above the $ 57,500 and $ 58,000 ranges.

A excessive was fashioned at near $ 57,850 and the value started to fall additional. There was a break under the $ 57,500 and $ 57,200 ranges. The bears pushed the value under the 50% Fib retracement stage of the bullish transfer from the low of $ 55,362 to $ 57,850.

Bitcoin is now buying and selling under $ 57,500 and the 100 hour easy transferring common. A vital bearish trendline can also be forming with resistance close to $ 57,300 on the hourly chart of the BTC / USD pair.

Speedy help is close to the $ 56,300 stage. It’s close to the 61.8% Fib retracement stage of the bullish transfer, transferring from a low of $ 55,362 to a excessive of $ 57,850. First main help is now forming close to the $ 56,000 stage. Main breakdown help continues to be close to the $ 55,500 stage.

Supply: BTCUSD on TradingView.com

A break down under the $ 55,500 stage might result in extra losses. On this case, the value might even drop under the $ 55,000 stage. The following main help might be close to the $ 53,200 stage.

Upside restricted in BTC?

If bitcoin stays above the $ 55,500 help, it might try a brand new wave of restoration. On the upside, preliminary resistance is close to the $ 57,000 stage.

The primary key resistance is close to the $ 57,500 stage and the trendline space. The following main resistance is close to the $ 57,850 stage and the 100 hour easy transferring common, above which the value could rise in the direction of the $ 59,200 stage.

Technical indicators:

Hourly MACD – The MACD is now accelerating within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC / USD is under stage 50.

Main Help Ranges – $ 56,000, adopted by $ 55,500.

Main Resistance Ranges – $ 57,200, $ 57,500 and $ 58,000.


Supply

Related Articles

Leave a Reply

Back to top button