Bitcoin value prolonged its decline beneath the $54,000 degree in opposition to the US Dollar. BTC is holding the $52,500 assist, but it surely should clear $54,000 for a contemporary enhance.
- Bitcoin failed to remain above the $54,000 assist and prolonged its decline.
- The value is now dealing with resistance close to $54,000 and the 100 hourly easy shifting common.
- There is a serious declining channel forming with resistance close to $54,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might both rally above $54,000 or it would lengthen its decline in the direction of $50,000.
Bitcoin Price is Facing Hurdles
Bitcoin struggled to proceed larger above $55,000 and it began a contemporary decline. BTC broke the $54,000 and $53,500 assist ranges.
There was additionally an in depth beneath the $54,000 degree and the 100 hourly simple moving average. The value examined the $52,500 assist zone. A low is fashioned close to $52,375 and the value is now consolidating losses. It recovered above the $53,200 degree.
There was a break above the 23.6% Fib retracement degree of the downward transfer from the $56,545 swing excessive to $52,375 low. It looks like the value is now dealing with resistance close to $54,000 and the 100 hourly easy shifting common.
Source: BTCUSD on TradingView.com
There can also be a serious declining channel forming with resistance close to $54,000 on the hourly chart of the BTC/USD pair. The subsequent major resistance is close to the $54,500 degree. It is close to the 50% Fib retracement degree of the downward transfer from the $56,545 swing excessive to $52,375 low.
A profitable break above the channel resistance after which a break above the $54,500 degree might set the tempo for a contemporary enhance in the direction of the $56,500 degree. The subsequent main resistance above $56,500 may very well be $58,000.
More Losses in BTC?
If bitcoin fails to clear the $54,000 resistance and the 100 hourly SMA, there’s a danger of extra downsides. An preliminary assist on the draw back is close to the $52,500 degree.
A correct break and shut beneath the $52,500 degree is prone to set the tempo for an additional 5% decline. In the acknowledged case, the value might decline in the direction of the $50,000 assist zone within the close to time period.
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is rising in the direction of the 50 degree.
Major Support Levels – $52,500, adopted by $50,000.
Major Resistance Levels – $54,000, $54,500 and $56,500.