.Downward Risk For Bitcoin – Watch Out For These Levels – Bitcoin price struggles to clear the $ 60,000 resistance against the US dollar. If there is a close below the $ 57,000 support, BTC is likely to initiate a strong decline.
Bitcoin failed to clear the $ 60,000 level and started a new decline below $ 59,000.
The price is still well above $ 55,000 and the 100 simple moving average.
There is a key bullish channel formed with support near $ 57,200 on the 4-hour chart of the BTC / USD pair.
If there is a clear break below the $ 57,000 support zone, the pair could start a strong decline.
Bitcoin Price Adjusts The Gains
Last week, Bitcoin price attempted to clear the $ 60,000 resistance against the US dollar. However, the BTC / USD pair failed to break above the $ 60,000 level and recently started a new decline.
There was a break below the $ 59,200 and $ 58,500 support levels. The price even traded below the 50% Fib retracement level of the move from the $ 56,367 low to $ 59,919. The price is still well above $ 55,000 and the 100 simple moving average (4 hours).
It is approaching the $ 57,200 and $ 57,000 support levels. There is also a key bullish channel formed with support near $ 57,200 on the 4-hour chart of the BTC / USD pair.
The channel support is near the 76.4% Fib retracement level of the move from the $ 56,367 low to $ 59,919. If there is a downside break below the channel support, the price could drop towards the $ 55,000 support level. Further losses could require a move towards the $ 53,200 support.
A New Increase in BTC?
If Bitcoin remains stable above the $ 57,000 support level, there is a possibility that a new increase will occur in the near term. An initial resistance on the upside is near the $ 59,200 level.
The main resistance is still located near the $ 60,000 level. An open break above the $ 60,000 zone could open the doors for a strong increase. In the stated situation, the price could rise to the $ 62,000 level and all-time high.
Technical Indicators
4-hour MACD – The MACD for BTC / USD is losing its bullish momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC / USD is trying to stay above the 50 level.
Major Support Level: $ 57,000.
Major Resistance Level – $ 60,000.
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