Bitcoin price started a sharp decline and it tested the ,250 zone against the US Dollar. The price is now trading well below ,000 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near ,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could start a fresh rally if it breaks the ,000 and ,200 resistance levels. Bitcoin price declined sharply from well above ,000 against the US Dollar. BTC is now consolidating losses and it is facing a major hurdle near the ,000 zone. Bitcoin Price Analysis Recently, bitcoin price saw a strong decline from well above the ,000 level against the US Dollar. BTC broke many supports near the ,000 and ,000 levels. It even spiked
Topics:
Aayush Jindal considers the following as important: Bitcoin, Bitcoin News, BTC, News, Trading
This could be interesting, too:
Chimamanda U. Martha writes Avail Teams Up with Leading Blockchain Platforms for Data Integration
Steve Muchoki writes Aligned Layer Successfully Raised M in Series A Funding Round Led by Hack VC
Mayowa Adebajo writes BNB Chain to Move Native Liquid Staking Feature to BSC
Temitope Olatunji writes Renzo (REZ) Addresses Community Backlash with Airdrop Adjustment and Token Stabilization Efforts
- Bitcoin price started a sharp decline and it tested the $51,250 zone against the US Dollar.
- The price is now trading well below $58,000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $58,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a fresh rally if it breaks the $58,000 and $58,200 resistance levels.
Bitcoin price declined sharply from well above $60,000 against the US Dollar. BTC is now consolidating losses and it is facing a major hurdle near the $58,000 zone.
Bitcoin Price Analysis
Recently, bitcoin price saw a strong decline from well above the $60,000 level against the US Dollar. BTC broke many supports near the $58,000 and $55,000 levels.
It even spiked below the $52,000 level and settled below the 55 simple moving average (4-hours). A low is formed near $51,289 and the price is now consolidating losses. It recovered slightly above the $54,000 and $55,000 resistance levels.
However, it is facing resistance near the $57,500 level. The 50% Fib retracement level of the key decline from the $62,617 swing high to $51,289 low is acting as a resistance.
The next major resistance is near the $58,000 zone. There is also a major bearish trend line forming with resistance near $58,200 on the 4-hours chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the key decline from the $62,617 swing high to $51,289 low.
A successful break and close above $58,000 and the trend line resistance could open the doors for a steady increase. The next major resistance could be $60,000.
On the downside, the $55,000 level is a major support. The main breakdown support is near the $54,000 level, below which there could be a sharp decline towards $50,000.
Bitcoin Price
Looking at the chart, bitcoin price is clearly facing hurdles near $58,000 and the 55 simple moving average (4-hours). Overall, the price could start a fresh rally if it breaks the $58,000 and $58,200 resistance levels.
Technical indicators
4 hours MACD – The MACD is slowly losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is just below the 50 level.
Key Support Levels – $55,000 and $54,000.
Key Resistance Levels – $57,500, $58,000 and $60,000.