Category: BTCUSDT

Bitcoin price extended its decline and tested the $55,500 support against the US Dollar. BTC is now recovering, but it is likely to face a strong resistance near the $57,500 level.

• Bitcoin failed to hold the $57,000 zone and extended its decline towards the $55,500 level.
• The price is now trading well below the $57,500 support and the 100 hourly simple moving average.
• There was a break below a key contracting triangle with support near $57,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could correct higher, but the bulls are likely to face a strong selling interest near $57,500.

Bitcoin Price Dips Further

Bitcoin struggled to restart its upward move above the $58,000 zone, resulting in a bearish move. BTC broke the $57,500 and $56,200 support levels to move further into a bearish zone.

There was also a break below a key contracting triangle with support near $57,450 on the hourly chart of the BTC/USD pair. The pair spiked below the $56,000 level and tested the next key support near the $55,500 zone.

A low is formed near $55,492 and the price is consolidating losses. It is now trading above $56,000, and testing the 23.6% Fib retracement level of the recent drop from the $59,475 swing high to $55,492 low. On the upside, the first key resistance is near the $57,000 level.

Source: BTCUSD on TradingView.com

The main resistance is now forming near the $57,500 level (the recent breakdown zone). The 50% Fib retracement level of the recent drop from the $59,475 swing high to $55,492 low is also near the $57,500 level to act as a massive hurdle. A clear break above the $57,500 level could open the doors for a steady increase.

More Losses in BTC?

If bitcoin fails to climb above $57,000 and $57,500, there could be more downsides. The first major support on the downside is near the $56,000 level.

The main support is now forming near the $55,500 level. A downside break below the recent low and $55,500 could accelerate losses. The next target for the bears might be $53,200 or even $52,500 in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well below the 50 level.

Major Support Levels – $56,000, followed by $55,500.

Major Resistance Levels – $57,000, $57,500 and $58,000.

Bitcoin price failed to surpass the $59,500 resistance against the US Dollar. BTC is now trading below $58,000, but it is still above important supports such as $56,500.

• Bitcoin failed to gain strength above the $59,200 and $59,500 resistance levels.
• The price is now trading below the $58,250 support and the 100 hourly simple moving average.
• There is a major contracting triangle forming with support near $57,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is likely to start a fresh increase as long as there is no close below $56,500.

Bitcoin Price Corrects Lower

Bitcoin climbed above the $59,000 level, but it failed to gain strength above the $59,200 and $59,500 resistance levels. BTC traded as high as $59,475 and recently started a downside correction.

It traded below the key $58,250 support level and $58,000. It even settled below the $58,000 level and the 100 hourly simple moving average. A low is formed near $57,250 and the price is now consolidating losses near $57,500.

It seems like there is a major contracting triangle forming with support near $57,400 on the hourly chart of the BTC/USD pair. An immediate resistance on the upside is near the $57,800 level. It is near the 23.6% Fib retracement level of the recent decline from the $59,475 swing high to $57,250 low.

Source: BTCUSD on TradingView.com

The first major resistance is near the $58,250 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $59,475 swing high to $57,250 low is also near $58,360.

A clear break above the $58,250 and $58,360 levels could open the doors for a steady increase. In the stated case, the price is likely to rise towards the $59,250 resistance.

Dips Limited in BTC?

If bitcoin fails to climb above $58,000 and $58,250, there could be more downsides. The first major support on the downside is near the $57,400 level and the triangle lower trend line.

A downside break below the triangle support could lead the price towards the main $56,500 support level. Any more losses might put a lot of pressure on the bulls in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Levels – $57,400, followed by $56,500.

Major Resistance Levels – $58,000, $58,250 and $59,200.

Bitcoin price started a fresh increase and it cleared the $58,250 resistance against the US Dollar. BTC is now showing positive signs and it might soon revisit $60,000.

• Bitcoin started a fresh increase above the $58,000 and $58,250 resistance levels.
• The price is now trading nicely above $58,250 and the 100 hourly simple moving average.
• There was a break above a major bearish trend line with resistance near $58,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is now consolidating above the 100 hourly SMA and it might continue higher towards $60,000.

Bitcoin Price Breaks Key Resistance

Bitcoin formed a support base above the $57,000 level and recently started a fresh increase. BTC broke a couple of key hurdles near $57,500 and $58,250 to move into a positive zone.

There was a break above the $58,500 resistance zone and the 100 hourly simple moving average. Moreover, there was a break above a major bearish trend line with resistance near $58,650 on the hourly chart of the BTC/USD pair.

The pair settled nicely above the $58,250 level and the 100 hourly SMA. It traded as high as $59,467 and it is currently consolidating gains. It is trading just below the 23.6% Fib retracement level of the recent wave from the $56,810 low to $59,467 high.

Source: BTCUSD on TradingView.com

An initial support is near the $58,500 level and the 100 hourly simple moving average. An immediate resistance is near the $59,000 level, followed by the $59,467 high.

The main resistance is still near the $60,000 level. If there is an upside break above $60,000, there are chances of a steady increase towards the $62,000 zone in the near term.

Dips Limited in BTC?

If bitcoin fails to climb above $59,000 and $59,500, there could be a downside correction. The first major support on the downside is near the $58,500 level and the 100 hourly SMA.

The next major support is near the $58,250 level (the recent breakout zone). It is close to the 50% Fib retracement level of the recent wave from the $56,810 low to $59,467 high. Any more losses might lead the price towards the $57,500 support zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

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

Major Support Levels – $58,500, followed by $58,250.

Major Resistance Levels – $59,000, $59,500 and $60,000.

Bitcoin price is currently facing resistance near $58,250 and $58,500 against the US Dollar. BTC could dip in the short-term, but the bulls are likely to remain active near $57,000.

• Bitcoin recovered above $57,500, but it is facing resistance near $58,250.
• The price is still trading well below $58,500 and the 100 hourly simple moving average.
• There is a key bearish trend line forming with resistance near $58,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could dip again, but the bulls are likely to remain active near $57,000.

Bitcoin Price is Facing Hurdles

Bitcoin remained well bid above the $56,500 support zone. As a result, BTC started a fresh increase above the $57,000 and $57,250 resistance levels.

The price even cleared the 23.6% Fib retracement level of the recent drop from the $59,872 high to $56,488 low. However, the price seems to be facing a strong resistance near the $58,250 and $58,500 levels.

It is now trading well below $58,500 and the 100 hourly simple moving average. An immediate resistance is near the $58,180 level. It is near the 50% Fib retracement level of the recent drop from the $59,872 high to $56,488 low.

Source: BTCUSD on TradingView.com

The main resistance is forming near the $58,500 level (a multi-touch zone). There is also a key bearish trend line forming with resistance near $58,600 on the hourly chart of the BTC/USD pair.

If there is an upside break above the $58,250 and $58,500 resistance levels, there are chances of a steady increase. In the stated case, bitcoin price is likely to rise towards the $60,000 and $60,500 levels.

Dips Limited in BTC?

If bitcoin fails to climb above $58,250 and $58,500, there could be a downside correction. The first major support on the downside is near the $57,500 level.

The next major support is near the $57,150 level, below which the price might decline towards the main $56,500 support zone. If there is a downside break below the $56,500 support level, the bulls are likely to lose control. In this case, the bears are likely to aim a test of the $55,000 level.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $57,000, followed by $56,500.

Major Resistance Levels – $58,180, $58,250 and $58,500.

Bitcoin price is correcting gains from $60,000 against the US Dollar. BTC is likely to start a fresh increase as long as there is no close below $56,500 and $55,250.

• Bitcoin gained bullish momentum above $58,000, but it failed to settle above $60,000.
• The price is now trading above the $56,500 support and the 100 simple moving average (4-hours).
• There is a key bullish trend line forming with support near $56,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase unless the bears gain strength below $56,500 in the near term.

Bitcoin Price is Holding Key Support

This past week, bitcoin price saw a steady increase above the $55,500 resistance against the US Dollar. The BTC/USD pair broke the $58,000 resistance and it settled above the 100 simple moving average (4-hours).

The pair even climbed above the $59,500 level and spiked above the $60,000 resistance. However, there was no close above the $60,000 level. A high was formed near $60,030 and the price started a fresh decline. It broke the $58,500 and $58,000 support levels.

The price declined below the 23.6% Fib retracement level of the upward move from the $50,465 swing low to $60,030 swing high. There was also a break below a connecting bullish trend line with support near $59,000 on the 4-hours chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The pair tested the $56,500 support zone and the 100 simple moving average (4-hours). There is also another bullish trend line forming with support near $56,800 on the same chart.

If there is a downside break below the trend line support, $56,500, and the 100 simple moving average (4-hours), there are chances of a major decline towards $55,250. It is close to the 50% Fib retracement level of the upward move from the $50,465 swing low to $60,030 swing high. Any more losses might call for a test of $53,800.

Fresh Increase in BTC?

If bitcoin stays above the $56,500 support and the 100 simple moving average (4-hours), there are chances of a fresh increase.

The first key resistance is near the $58,000 level. A successful close above the $58,000 level might open the doors for a fresh push toward the main $60,000 resistance zone. The next key barrier sits near $62,000.

Technical indicators

4 hours MACD – The MACD for BTC/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Level – $56,500

Major Resistance Level – $58,000

Bitcoin price is consolidating gains above the $58,000 resistance against the US Dollar. BTC is likely to surge above the $59,500 and $60,000 resistance levels in the near term.

• Bitcoin is showing a lot of bullish signs, but it is still below the $60,000 resistance zone.
• The price is trading nicely above the $58,000 support and the 100 hourly simple moving average.
• There is a crucial contracting triangle forming with resistance near $59,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a strong increase once it clears the $59,200 and $59,500 levels.

Bitcoin Price is Likely to Rally Soon

Bitcoin failed to settle above the $59,500 resistance and recently started a downside correction. BTC broke the $59,000 level and it even traded below the $58,500 support.

However, the bulls were active near the $58,000 support and the 100 hourly simple moving average. A low is formed near $57,922 and it seems like the price is trading in a contracting range. It has already recovered above the $58,500 level.

There was a break above the 50% Fib retracement level of the recent decline from the $59,650 high to $57,922 low. Bitcoin is now facing resistance near the $59,200 level.

Source: BTCUSD on TradingView.com

It seems like there is a crucial contracting triangle forming with resistance near $59,200 on the hourly chart of the BTC/USD pair. The triangle resistance is near the 61.8% Fib retracement level of the recent decline from the $59,650 high to $57,922 low.

A successful break above the triangle resistance could open the doors for a massive bullish wave. The next major resistance is near the $59,500 zone, above which the price is likely to rally above $60,000.

Dips Limited in BTC?

If bitcoin fails to climb above $59,200 and $60,000, there could be a downside correction. The first major support on the downside is near the $58,500 level.

The next major support is near the $58,350 level, the 100 hourly SMA, and the triangle trend line. If there is a downside break below the triangle support, the price could dive towards $56,500.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level.

Major Support Levels – $58,500, followed by $58,350.

Major Resistance Levels – $59,200, $59,500 and $60,000.

Bitcoin price is trading in a bullish zone above $57,600 against the US Dollar. BTC is likely to accelerate higher once it clears the $59,800 and $60,000 resistance levels.

• Bitcoin is trading in a positive zone, but it is facing hurdles near $60,000.
• The price is now well above the $58,000 support and the 100 hourly simple moving average.
• There is a major bullish trend line forming with support near $57,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a sharp rally if it clears the $59,800 and $60,000 resistance levels.

Bitcoin Price is Showing Positive Signs

Bitcoin mostly traded in a positive zone above the $57,000 pivot level. BTC extended its upward move above the $59,500 resistance level and it settled nicely above the 100 hourly simple moving average.

However, the bulls faced a strong resistance near the $59,800 and $60,000 resistance levels. A high was formed near $59,829 before there was a downside correction. The price declined below the $59,000 and $58,000 levels.

There was also a spike below the $57,500 level, but the bulls protected the 100 hourly simple moving average. A low is formed near the $56,800 level and the price is now back above $58,000. The bulls pushed bitcoin above the 50% Fib retracement level of the downward move from the $59,829 high to $56,800 low.

Source: BTCUSD on TradingView.com

It is currently trading well above the $58,000 support and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $57,800 on the hourly chart of the BTC/USD pair.

Bitcoin seems to be consolidating just above the 76.4% Fib retracement level of the downward move from the $59,829 high to $56,800 low. The key hurdle is near the $59,800 and $60,000 levels. A successful close above the $60,000 level will most likely pump the price towards the $62,000 level in the coming sessions.

Dips Supported in BTC?

If bitcoin fails to climb above $59,800 and $60,000, there could be a downside correction. The first major support on the downside is near the $58,400 level.

The next major support is near the $58,000 level, the 100 hourly SMA, and the trend line. If there is a downside break below the trend line, the price could revisit $56,800.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.

Major Support Levels – $58,500, followed by $58,000.

Major Resistance Levels – $59,800, $60,000 and $60,800.