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Bitcoin price started to fall again below the $57,200 zone. BTC is showing bearish signs and could soon test the USD 55,000 support zone.
- Bitcoin is gaining pace below the $58,000 support zone.
- The price is trading below $57,500 and the 100 hourly Simple Moving Average.
- There was a break below a connecting bullish trendline with support at $58,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to recover above the $57,650 or $58,000 resistance levels in the near term.
Bitcoin price takes a hit
Bitcoin price extended losses below the USD 57,500 support levels. BTC even traded below the USD 57,200 support. There was a break below a connecting bullish trendline with support at $58,900 on the hourly chart of the BTC/USD pair.
A low was formed at $55,591 and the price recently started a recovery wave. There was a move above the USD 56,000 and USD 56,200 resistance levels. It cleared the 23.6% Fib retracement level of the downward move from the $59,773 swing high to the $55,591 low.
Bitcoin is now trading below $58,000 and the 100 hourly Simple Moving Average. On the upside, the price could face resistance near the $57,650 level or the 50% Fib retracement level of the downward move from the $59,773 swing high to the $55,591 low.
The first major resistance is around the $58,000 level. A clear move above the USD 58,000 resistance could push the price further higher in the coming sessions. The next major resistance could be at USD 58,800. A close above the $58,800 resistance could provide more upside. In the mentioned case, the price could rise and test the USD 60,000 resistance.
More disadvantages of BTC?
If Bitcoin fails to rise above the USD 58,000 resistance zone, it could trigger another decline. The immediate downside support is near the USD 56,350 level.
The first major support is $55,500. The next support is now near the $55,200 zone. Any further losses could send the price towards the USD 53,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 56,350, followed by USD 55,500.
Major resistance levels – $57,650 and $58,000.
