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HomeCRYPTOCURRENCY NEWSTA: Bitcoin Continues To Wrestle, Why BTC Might Dive Beneath $55K

TA: Bitcoin Continues To Wrestle, Why BTC Might Dive Beneath $55K

Bitcoin is struggling to recuperate above $57,500 towards the US Greenback. BTC is declining and will speed up decrease beneath $55,000 within the close to time period.

  • Bitcoin is going through resistance close to the important thing $58,000 and $57,500 ranges.
  • The worth is now buying and selling beneath $57,500 and the 100 hourly easy shifting common.
  • There’s a essential bearish development line forming with resistance close to $57,300 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is beneath stress and may slide additional beneath $55,500 within the close to time period.

Bitcoin Value Faces Hurdles

Bitcoin value tried one other upside break above the $58,000 resistance zone. Nevertheless, BTC failed to achieve energy for a transparent transfer above the $57,500 and $58,000 ranges.

A excessive was shaped close to $57,850 and the value began a contemporary decline. There was a break beneath the $57,500 and $57,200 ranges. The bears pushed the value beneath the 50% Fib retracement stage of the upward transfer from the $55,362 swing low to $57,850 excessive.

Bitcoin is now buying and selling beneath $57,500 and the 100 hourly easy shifting common. There’s additionally a vital bearish development line forming with resistance close to $57,300 on the hourly chart of the BTC/USD pair.

A right away assist is close to the $56,300 stage. It’s near the 61.8% Fib retracement stage of the upward transfer from the $55,362 swing low to $57,850 excessive. The primary main assist is now forming close to the $56,000 stage. The primary breakdown assist continues to be close to the $55,500 stage.

Supply: BTCUSD on TradingView.com

A draw back break beneath the $55,500 stage might spark extra losses. Within the said case, the value may even decline beneath the $55,000 stage. The subsequent main assist may very well be close to the $53,200 stage.

Upside Restricted In BTC?

If bitcoin stays above the $55,500 assist, it might try a contemporary restoration wave. On the upside, an preliminary resistance is close to the $57,000 stage.

The primary key resistance is close to the $57,500 stage and the development line zone. The subsequent main resistance sits close to the $57,850 stage and the 100 hourly easy shifting common, above which the value may rise in the direction of the $59,200 stage.

Technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is beneath the 50 stage.

Main Help Ranges – $56,000, adopted by $55,500.

Main Resistance Ranges – $57,200, $57,500 and $58,000.

Supply hyperlink

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