Bitcoin Price Downtrend Continues: Brace for More Losses

Bitcoin worth failed to begin a restoration wave above the $58,500 resistance zone. BTC began one other decline and would possibly lengthen losses under $54,000.

• Bitcoin began a recent decline and traded under the $56,500 zone.
• The worth is buying and selling under $56,500 and the 100 hourly Easy shifting common.
• There’s a connecting bearish development line forming with resistance at $56,350 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair would possibly wrestle to begin a recent improve above the $58,000 resistance zone.

Bitcoin Worth Turns Pink

Bitcoin worth began a restoration wave above the $57,000 stage. BTC even climbed above the $58,000 stage. Nonetheless, the bears have been energetic close to the $58,500 resistance zone.

A excessive was shaped at $58,396 and the value began a recent decline. There was a drop under the $57,000 and $56,500 stage. A low has shaped close to $54,301 and the value is now consolidating losses. There was a minor improve towards the 23.6% Fib retracement stage of the downward transfer from the $58,396 swing excessive to the $54,301 low.

Bitcoin worth remains to be buying and selling under $56,500 and the 100 hourly Easy shifting common. Quick resistance on the upside is close to the $56,000 stage. The primary key resistance is close to the $56,400 stage.

There may be additionally a connecting bearish development line forming with resistance at $56,350 on the hourly chart of the BTC/USD pair. The development line is close to the 50% Fib retracement stage of the downward transfer from the $58,396 swing excessive to the $54,301 low. A transparent transfer above the development line would possibly ship the value towards the $57,400 stage. The subsequent key resistance might be $58,400.

A detailed above the $58,40 resistance would possibly begin a gentle improve and ship the value increased. Within the said case, the value might rise and take a look at the $60,000 resistance within the coming classes.

Extra Losses In BTC?

If Bitcoin fails to climb above the $56,400 resistance zone, it might proceed to maneuver down. Quick assist on the draw back is close to the $54,400 stage.

The primary main assist is $53,650. The subsequent assist is now forming close to $53,200. Any extra losses would possibly ship the value towards the $52,000 assist zone within the close to time period.

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 now under the 50 stage.

Main Help Ranges – $54,400, adopted by $53,500.

Main Resistance Ranges – $56,400, and $58,400.