.These Levels Are Key In Declining Bitcoin – Bitcoin price extended its decline below the $ 55,500 support zone against the US Dollar. BTC is currently recovering, but it is likely to struggle around $ 55,500 and $ 56,450.
Bitcoin failed to clear $ 58,000 and a new decline began below $ 57,000.
The price is currently trading well below $ 56,450 and the 100 hourly simple moving average.
There was a break below a key contract triangle with support near $ 56,800 on the hourly chart of the BTC / USD pair (data feed from Kraken).
If the pair fails to break above $ 55,500 and $ 56,450, it will likely continue to decline.
Bitcoin Price Extends Losses
There was no clear upside break above the $ 58,000 resistance zone in Bitcoin. As a result, BTC broke through the $ 56,450 support zone to move into a bearish zone.
The bears took control and the price could not even stay above the $ 55,500 support level. There was a break below a key contract triangle with support near $ 56,800 on the hourly chart of the BTC / USD pair. There was also an increase below the $ 54,500 support, and the price tested the $ 53,750 support.
A low was formed around $ 53,786 and the price is currently trading well below $ 56,450 and the 100 hourly simple moving average. Bitcoin is currently recovering and trading above $ 54,500. It dropped the 23.6% Fib retracement level of the last decline from the $ 58,400 high to $ 53,783.
The first major resistance is near the $ 55,500 level. The next major resistance is near the $ 56,000 level.
The main resistance is currently forming near the $ 56,450 level, above which the price could revisit the $ 58,000 breakout resistance zone.
More Loss in BTC?
If Bitcoin fails to correct above $ 55,500 and $ 56,000, there are more chances of downsides in the near term. Initial support is near the $ 54,000 level.
The main support is now near the $ 53,750 level, and bears below it could aim to test the $ 50,000 support zone in the near term.
Technical indicators
Hourly MACD – The MACD is slowing in a bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently below the 50 level.
Major Support Levels – $ 54,000 followed by $ 53,750.
Major Resistance Levels – $ 55,550, $ 56,000 and $ 56,450.
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