Bitcoin price struggled to recover above $57,500 against the US Dollar. BTC is now declining and it remains at a risk of more downsides towards $52,000.
- Bitcoin is facing an uphill task above the $57,000 and $57,500 levels.
- The price is now trading well below the $57,000 level and the 100 hourly simple moving average.
- There is a key declining channel forming with resistance near $56,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue lower towards $53,000 and $52,000 in the near term.
Bitcoin Price Resumes Decline
Bitcoin started a decent recovery wave above the $55,000 resistance zone. BTC broke the $56,500 and $57,000 resistance levels.
There was a break above the 23.6% Fib retracement level of the downward move from the $63,750 swing high to $51,150 swing low. However, the bulls faced an uphill task near the $57,500 level and it also remained well below the 100 hourly simple moving average.
It seems like bitcoin was rejected near the 50% Fib retracement level of the downward move from the $63,750 swing high to $51,150 swing low. It is now trading well below the $57,000 level and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
There is also a key declining channel forming with resistance near $56,000 on the hourly chart of the BTC/USD pair. If there is a downside break below the channel support at $54,000, there is a risk of a drop towards the $53,000 support zone. The next major support is near $52,000, where the bulls might take a stand.
Upsides Capped in BTC?
If bitcoin remains stable above the $54,000 level, it could attempt an upside break. The first key resistance is near the channel trend line at $56,000.
An upside break above the channel resistance could open the doors for a move towards the $57,500 resistance. The next major hurdle for the bulls could be $58,000 or the 100 hourly simple moving average. A close above the $57,500 and $58,000 levels is must to change the current bearish bias in the near term.
Hourly MACD – The MACD is slowly gaining 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 – $54,000, followed by $52,000.
Major Resistance Levels – $56,000, $57,000 and $57,500.
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Author: Aayush Jindal