.Levels To Follow Today In Declining Bitcoin – Bitcoin price started a major downse correction and traded below $ 55,000 against the US Dollar. BTC is showing several bearish signs and could extend losses up to $ 52,000.
Bitcoin started a massive decline and broke the $ 58,000 and $ 55,000 support levels.
The price is currently trading well below $ 58,000 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $ 58,100 on the hourly chart of the BTC / USD pair.
The pair is trading around $ 53,500 and could go up in the short term.
Bitcoin Price Falls Sharply
After a rejection above the $ 60,000 level, Bitcoin launched a major downside correction. BTC broke many key supports near $ 58,000 to move into a short-term bearish zone.
Also, there was a break below a key bullish trend line with support near $ 58,100 on the hourly chart of the BTC / USD pair. The pair accelerated its decline below the $ 55,500 and $ 55,000 support levels. Finally, it tested the $ 53,000 support zone and formed a value lower than $ 53,174.
It is currently trading well below $ 58,000 and the 100 hourly simple moving average. On the upside, initial resistance is near the $ 54,950 level.
The first major resistance occurs near the $ 57,000 level. The 50% Fib retracement level of the downward move was lowered from $ 60,705 to $ 53,174. Close to $ 57,000. The main resistance is forming near the $ 58,000 level (the last breakout zone). A close above $ 58,000 is essential to return to the positive zone.
More Loss in BTC?
If Bitcoin fails to correct above the $ 56,500 and $ 57,000 resistance levels, it could correct even lower. The first key support on the downside is near the $ 53,200 level.
The next key support is near the $ 52,000 level. If the bulls fail to secure the $ 52,000 support zone, the price could dive towards the $ 50,000 support level in the next few sessions.
Technical Indicators
Hourly MACD – The MACD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is well below the 50 level.
Major Support Levels – $ 53,200 followed by $ 52,000.
Major Resistance Levels – $ 55,000, $ 57,000 and $ 58,000.
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