.What’s Next for Critical Support Bitcoin? – Bitcoin price failed to correct above the $ 55,750 zone against the US Dollar. BTC is showing bearish signs and is at risk of further losses below $ 54,000.
Bitcoin was unable to correct higher and struggled to climb above $ 55,500.
The price is currently trading well below $ 55,500 and the 100 hourly simple moving average.
The hourly chart of the BTC / USD pair features a key bearish trend line with resistance near $ 56,000.
The pair could suffer a major decline if it fails to stay above $ 54,000 and $ 53,750.
Yesterday, we saw a significant drop in Bitcoin below the $ 55,500 support zone. BTC even broke the $ 54,000 level before starting an upward correction.
There was an improvement above the $ 55,000 resistance. The price even climbed above $ 55,500, but there was no follow-up move. A high was formed around $ 55,757 before the price dropped again. It broke the $ 55,000 support zone.
It is currently trading well below $ 55,500 and the 100 hourly simple moving average. Also, there is a key bearish trend line with resistance around $ 56,000 on the hourly chart of the BTC / USD pair.
An initial resistance on the upside is near the $ 54,650 level. The first major resistance lies near the $ 54,850 and $ 55,000 levels.
To start a steady recovery, the price must rise above $ 55,000 and $ 55,500. The next major resistance for the bulls could be near the $ 57,000 zone.
If Bitcoin fails to correct above $ 55,000 and $ 55,500, there is a possibility of further retracement in the near term. Initial support is near the $ 54,000 level.
Key support is currently located near the $ 53,150 level. Below this level, the bears could aim to test the $ 50,000 support zone in the near term.
Hourly MACD – The MACD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well below the 50 level.
Major Support Levels – $ 53,000 followed by $ 51,750.
Major Resistance Levels – $ 54,850, $ 55,000 and $ 55,500.
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