Downward Risk For Bitcoin – Watch Out For These Levels

.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.

5 Danger Signs of the Next Stock Ma...
5 Danger Signs of the Next Stock Market Crash

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).

You Might Want To Read This:   What is Zcash (ZEC)? Here is the ZEC Token in All Details

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.

You Might Want To Read This:   What is Nexo (NEXO)? Here is the Crypto Currency NEXO Token in All Details

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.

To get the latest news To our Telegram channel, To our Twitter page and To our Facebook page You can subscribe.