Downward Risk For Bitcoin Could Bring The Price To These Levels

Bitcoin struggled to clear the $ 60,000 resistance and dropped below $ 58,000.

The price is currently trading well below $ 58,000 and the 100 hourly simple moving average.

The hourly chart of the BTC / USD pair features a key bearish trend line with resistance near $ 57,500.

The pair seems to continue to fall to $ 54,500 as long as it is below the $ 58,000 resistance.

Bitcoin Price Turns Red

After the $ 60,000 resistance failed to clear, Bitcoin started a new decline. BTC broke the $ 58,000 support level to move into the bearish zone.

There was also a break below the $ 56,500 support level. The price is trading well below $ 58,000 and the 100 hourly simple moving average. It traded as low as $ 55,544 before starting an upward correction. There was a break above the $ 56,500 and $ 57,000 levels.

The price climbed above the 50% Fib retracement level of the downward move from $ 59,901 to $ 55,544. However, the price failed to clear the $ 58,000 resistance and the 100 hourly simple moving average.

There is also a key bearish trend line with resistance near $ 57,500 on the hourly chart of the BTC / USD pair. The pair also failed to clear the 61.8% Fib retracement level of the downward move from the $ 59,901 to $ 55,544 low.

Now if it shows bearish signs below the $ 57,800 and $ 58,000 levels. If there is more losses, the price could break the low of $ 55,544. The next major support for the bulls stands near $ 54,500.

A New Increase in BTC?

If Bitcoin stays above the $ 55,544 low, it could start a new surge. An initial resistance on the upside is near the $ 57,800 level.

The main resistance is near the $ 58,000 level. A clear break above the $ 58,000 level could possibly push the price towards the $ 60,000 resistance zone. Further gains could start a pumping move towards the $ 62,000 level.

Technical Indicators

Hourly MACD – The MACD is moving slow in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently below the 50 level.

Major Support Levels – $ 55,540 followed by $ 54,500.

Major Resistance Levels – $ 57,800, $ 58,000 and $ 60,000.

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