.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.
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.
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.
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.
To get the latest news To our Telegram channel, To our Twitter page and To our Facebook page You can subscribe.
Mining on RTX 3070. Overclocking, tuning, profitability, consumption: If you are interested in finding more…
Mining with GTX 1660, 1660 Ti, 1660 Super. Overclocking, settings, consumption, profitability, comparisons - If…
Mining with RTX 2070 and 2070 Super. Overclocking, profitability, consumption, comparison What the RTX 2070…
Mining with RTX 3060, 3060 Ti. Limitations, overclocking, settings, consumption, profitability, comparison Let's look at…
Alphacool Eisblock Aurora Acryl GPX-A (2022) with Sapphire Radeon RX 6950 XT Nitro+ Pure in…
In the ever-evolving landscape of business strategy, Bitcoin has emerged as a pivotal asset. With…
This website uses cookies.