TA: Why Bitcoin Price Remains At Risk of More Losses Below $53K


Bitcoin worth did not appropriate above the $55,750 zone in opposition to the US Dollar. BTC is displaying bearish indicators and it stays at a danger of extra losses beneath $54,000.

  • Bitcoin did not appropriate greater and it struggled to settle above $55,500.
  • The worth is now buying and selling effectively beneath $55,500 and the 100 hourly easy transferring common.
  • There is a key bearish development line forming with resistance close to $56,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is prone to decline closely if it fails to remain above $54,000 and $53,750.

Bitcoin Price Signaling Bearish Signs

Yesterday, we noticed a crucial decline in bitcoin beneath the $55,500 assist zone. BTC even broke the $54,000 degree earlier than beginning an upside correction.

There was a restoration above the $55,000 resistance. The worth even climbed above $55,500, however there was no comply with up transfer. A excessive was fashioned close to $55,757 earlier than the value declined once more. It broke the $55,000 assist zone.

It is now buying and selling effectively beneath $55,500 and the 100 hourly simple moving average. There can be a key bearish development line forming with resistance close to $56,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

An preliminary resistance on the upside is close to the $54,650 degree. It is close to the 50% Fib retracement degree of the current drop from the $55,757 excessive to $53,504 low. The first main resistance is close to the $54,850 and $55,000 ranges.

The 61.8% Fib retracement degree of the current drop from the $55,757 excessive to $53,504 low can be close to $54,850. To begin a gradual restoration, the value should settle above $55,000 and $55,500. The subsequent main resistance for the bulls might be close to the $57,000 area.

More Losses in BTC?

If bitcoin fails to appropriate greater above $55,000 and $55,500, there are possibilities of extra downsides within the close to time period. An preliminary assist is close to the $54,000 degree.

The key assist is now close to the $53,150 degree, beneath which the bears may goal a take a look at of the $50,000 assist zone within the close to time period.

Technical indicators:

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

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

Major Support Levels – $53,000, adopted by $51,750.

Major Resistance Levels – $54,850, $55,000 and $55,500.



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