Bitcoin is struggling to rebound above $ 57,500 in opposition to the US greenback. BTC is in decline and will dip beneath $ 55,000 within the quick time period.
- Bitcoin is going through resistance close to the important thing ranges of $ 58,000 and $ 57,500.
- The value is now buying and selling beneath $ 57,500 and the 100-hour easy shifting common.
- A key bearish trendline is forming on the hourly chart of the BTC / USD pair (knowledge feed from Kraken) with resistance close to USD 57,300.
- The pair is beneath stress and will fall additional beneath $ 55,500 within the quick time period.
Bitcoin value faces hurdles
Bitcoin value tried one other upside break above the USD 58,000 resistance zone. Nevertheless, BTC has not been capable of acquire power to maneuver nicely above the $ 57,500 and $ 58,000 ranges.
A excessive was fashioned close to $ 57,850 and the worth started falling once more. There was a break beneath the $ 57,500 and $ 57,200 ranges. The bears pushed the worth beneath the 50% fib retracement degree of the upward transfer from the low of $ 55,362 to the excessive of $ 57,850.
Bitcoin is now buying and selling beneath $ 57,500 and the 100-hour easy shifting common. An important bearish trendline can also be forming on the hourly chart of the BTC / USD pair with resistance close to USD 57,300.
Rapid assist is close to the $ 56,300 mark. It’s close to the 61.8% Fib retracement degree of the transfer up from the low of $ 55,362 to the excessive of $ 57,850. The primary main assist is now forming close to the $ 56,000 mark. The primary roadside help continues to be close to the $ 55,500 mark.
Supply: BTCUSD on TradingView.com
A break beneath $ 55,500 may set off additional losses. Within the aforementioned case, the worth may even drop beneath $ 55,000. The subsequent large assist could possibly be close to the $ 53,200 mark.
Upside Restricted in BTC?
If Bitcoin stays above the USD 55,500 assist, a brand new wave of rallies may try. On the flip facet, preliminary resistance is close to the $ 57,000 mark.
The primary main resistance is close to the $ 57,500 degree and the trendline zone. The subsequent main resistance is close to the $ 57,850 degree and the 100-hour easy shifting common above which the worth may rise in the direction of the $ 59,200 degree.
Hourly MACD – The MACD is now selecting up tempo within the bearish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC / USD is beneath the 50 degree.
Main Help Ranges – $ 56,000, adopted by $ 55,500.
Essential Resistance Ranges – $ 57,200, $ 57,500, and $ 58,000.