Can Bulls Overcome Resistance for a Recovery?

Bitcoin worth is consolidating losses above the $55,000 degree. BTC should settle above $58,500 after which $60,000 to begin a restoration wave.

• Bitcoin dipped once more and retested the $54,500 help zone.
• The worth is buying and selling under $58,500 and the 100 hourly Easy transferring common.
• There’s a connecting bearish development line forming with resistance at $57,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may wrestle to begin a recent enhance above the $58,500 resistance zone.

Bitcoin Value Faces Hurdles

Bitcoin worth tried a restoration wave above the $56,500 degree. BTC even climbed above the $57,500 degree. Nevertheless, it did not proceed greater above the $58,200 zone.

A excessive was fashioned at $58,129 and the worth began a recent decline. There was a drop under the $57,000 and $55,500 degree. A low has fashioned close to $54,954 and the worth is now consolidating losses. There was a minor enhance above the 50% Fib retracement degree of the downward transfer from the $58,129 swing excessive to the $54,954 low.

Bitcoin worth continues to be buying and selling under $57,500 and the 100 hourly Easy transferring common. Instant resistance on the upside is close to the $57,250 degree or the 76.4% Fib retracement degree of the downward transfer from the $58,129 swing excessive to the $54,954 low.

The primary key resistance is close to the $57,650 degree. There may be additionally a connecting bearish development line forming with resistance at $57,650 on the hourly chart of the BTC/USD pair.

A transparent transfer above the development line may ship the worth towards the $58,200 degree. The subsequent key resistance might be $58,500. An in depth above the $58,500 resistance may begin a gradual enhance and ship the worth greater. Within the acknowledged case, the worth might rise and check the $60,000 resistance.

One other Decline In BTC?

If Bitcoin fails to climb above the $57,650 resistance zone, it might begin one other decline. Instant help on the draw back is close to the $56,000 degree.

The primary main help is $55,500. The subsequent help is now close to $54,500. Any extra losses may ship the worth towards the $5,200 help zone within the close to time period.

Technical indicators:

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

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

Main Help Ranges – $55,500, adopted by $54,500.

Main Resistance Ranges – $57,650, and $58,500.