Risk of More Losses as $55K Test Looms

Bitcoin worth failed to start out a restoration wave above the $61,500 resistance zone. BTC began one other decline and may dive towards $55,000.

• Bitcoin began a recent decline and traded beneath the $58,500 zone.
• The worth is buying and selling beneath $60,000 and the 100 hourly Easy shifting common.
• There’s a key bearish development line forming with resistance at $58,350 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may battle to start out a recent enhance above the $60,000 resistance zone.

Bitcoin Worth Extends Losses

Bitcoin worth struggled to start out a good restoration wave above the $61,500 resistance stage. The bears remained in motion and pushed BTC beneath the $60,000 help zone. There was a pointy decline beneath the $58,500 stage.

The worth even spiked beneath the $57,000 stage. A low was shaped at $56,650 and the worth is now consolidating losses. It looks like the bulls are struggling to start out a restoration wave from the $56,650 stage as the worth is now effectively beneath the 23.6% Fib retracement stage of the downward transfer from the $63,800 swing excessive to the $56,650 low.

Bitcoin worth is now buying and selling beneath $60,000 and the 100 hourly Easy shifting common. There may be additionally a key bearish development line forming with resistance at $58,350 on the hourly chart of the BTC/USD pair.

If there’s a respectable enhance, the worth might face resistance close to the $57,500 stage. The primary key resistance is close to the $58,350 stage and the development line. A transparent transfer above the development line may ship the worth towards the $60,000 stage.

The following key resistance might be $60,200 and the 50% Fib retracement stage of the downward transfer from the $63,800 swing excessive to the $56,650 low. A transparent transfer above the $60,200 resistance may begin a gentle enhance and ship the worth increased. Within the said case, the worth might rise and check the $61,500 resistance.

Extra Losses In BTC?

If Bitcoin fails to climb above the $58,350 resistance zone, it might proceed to maneuver down. Rapid help on the draw back is close to the $56,650 stage.

The primary main help is $56,200. The following help is now forming close to $55,800. Any extra losses may ship the worth towards the $55,000 help zone within the close to time period.

Technical indicators:

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

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

Main Assist Ranges – $56,650, adopted by $55,000.

Main Resistance Ranges – $58,350, and $60,000.