Bitcoin price failed to clear the ,000 resistance and corrected lower against the US Dollar. The price is now trading below the ,500 support and the 55 simple moving average (4-hours). There is a major contracting triangle forming with resistance near ,650 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could start a strong rally if there is a clear break above the ,650 and ,800 resistance levels. Bitcoin price is trading in a range above ,000 against the US Dollar. BTC must stay above ,600 to avoid a sharp decline in the near term. Bitcoin Price Analysis In the past few sessions, bitcoin price saw a steady increase above the ,000 resistance against the US Dollar. BTC even traded above the ,000 level, but it
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- Bitcoin price failed to clear the $60,000 resistance and corrected lower against the US Dollar.
- The price is now trading below the $58,500 support and the 55 simple moving average (4-hours).
- There is a major contracting triangle forming with resistance near $58,650 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a strong rally if there is a clear break above the $58,650 and $58,800 resistance levels.
Bitcoin price is trading in a range above $57,000 against the US Dollar. BTC must stay above $56,600 to avoid a sharp decline in the near term.
Bitcoin Price Analysis
In the past few sessions, bitcoin price saw a steady increase above the $58,000 resistance against the US Dollar. BTC even traded above the $59,000 level, but it failed to continue higher.
A high was formed near $59,548 before the pair started a downside correction. There was a break below the $58,000 support zone and the 55 simple moving average (4-hours). The pair even traded below the $57,500 support zone, but the bulls appeared near $57,250.
A low is formed near $57,240 and the price is now consolidating losses. An initial resistance is near the $58,400 level and the 55 simple moving average (4-hours).
The 50% Fib retracement level of the downward move from the $59,548 swing high to $57,240 low is also near the $58,400 level. Moreover, it seems like there is a major contracting triangle forming with resistance near $58,650 on the 4-hours chart of the BTC/USD pair.
To start a strong increase, the price must clear the $58,400 and $58,650 resistance levels. The next major resistance sits at $59,500, above which the price could test $60,000. In the stated case, the price could even rally towards $62,000.
On the downside, the $57,500 level is a major support. The main breakdown support is near the $56,600 level, below which there could be a sharp decline towards $52,000.
Bitcoin Price
Looking at the chart, bitcoin price is clearly preparing for the next move and trading below the 55 simple moving average (4-hours). Overall, the price could start a strong rally if there is a clear break above the $58,650 and $58,800 resistance levels.
Technical indicators
4 hours MACD – The MACD is slowly losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is just below the 50 level.
Key Support Levels – $57,500 and $56,600.
Key Resistance Levels – $58,400, $58,650 and $60,000.