Bitcoin Turns Red, Why Bears Aim A Retest of $55K


Bitcoin value prolonged decline beneath the $60ok help towards the US Dollar. BTC may prolong losses in direction of $55ok within the coming periods.

  • Bitcoin began a contemporary decline beneath the $65ok and $62ok help ranges.
  • The value is now buying and selling beneath $60,000 and the 100 hourly easy shifting common.
  • There is a key bearish pattern line forming with resistance close to $61,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may prolong losses beneath the $58,500 and $57,500 help ranges within the close to time period.

Bitcoin Price Gains Bearish Momentum

Bitcoin value began a fresh decline from nicely above the $65,000 zone. BTC traded beneath the important thing $65,000 help degree to enter a bearish zone.

There was a transparent break beneath the $62,000 help and the 100 hourly simple moving average. Finally, the worth traded beneath the primary $60,000 help zone. A low is shaped close to $58,630 and the worth is now consolidating losses.

On the upside, an instantaneous resistance is close to the $60,000 degree. The first main resistance is close to the $60,450 degree. It is near the 23.6% Fib retracement degree of the important thing decline from the $66,350 swing excessive to $58,630 low.

There can be a key bearish pattern line forming with resistance close to $61,000 on the hourly chart of the BTC/USD pair. A clear break above $61,000 resistance could probably name open the doorways for a gradual restoration. The subsequent main resistance sits close to the $62,500 degree.

Source: BTCUSD on TradingView.com

The 50% Fib retracement degree of the important thing decline from the $66,350 swing excessive to $58,630 low can be close to the $62,500 degree to behave as a key hurdle. A transfer above the $62,500 degree may begin a contemporary rally.

More Losses in BTC?

If bitcoin fails to get well above the $61,000 resistance zone, it may prolong decline. An speedy help on the draw back is close to the $58,800 degree.

The first main help is now forming close to the $58,650 degree. The subsequent main help is close to the $58,000 degree, beneath which the bears may goal a retest of the $55,000 help zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 degree.

Major Support Levels – $58,500, adopted by $58,000.

Major Resistance Levels – $60,450, $61,000 and $62,500.



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