Bitcoin Price Downtrend Continues: Brace for More Losses

Bitcoin price fallen short to overture a recovery wave above the $58,500 resistance zone. BTC started one more refute and also could lengthen losses listed underneath $54,000.

• Bitcoin started a fresh refute and also traded listed underneath the $56,500 zone.
• The price is trading listed underneath $56,500 and also the 100 hourly Mere readjusting usual.
• There is a tying bearish craze line forming with resistance at $56,350 on the hourly chart of the BTC/USD pair (information feed from Sea serpent).
• The pair could struggle to overture a fresh aggravation above the $58,000 resistance zone.

Bitcoin Price Rotates Red

Bitcoin price started a recovery wave above the $57,000 level. BTC also climbed up above the $58,000 level. Yet, the bears were feisty direct the $58,500 resistance zone.

A high was prefabricated at $58,396 and also the price started a fresh refute. There was a decrease listed underneath the $57,000 and also $56,500 level. A cheapened owns prefabricated direct $54,301 and also the price is currently seating losses. There was a trivial aggravation toward the 23.6% Fib retracement level of the downward solution from the $58,396 swing high to the $54,301 cheapened.

Bitcoin price is still trading listed underneath $56,500 and also the 100 hourly Mere readjusting usual. Rapid resistance on the upside is direct the $56,000 level. The first key resistance is direct the $56,400 level.

There is in addition a tying bearish craze line forming with resistance at $56,350 on the hourly chart of the BTC/USD pair. The craze line is direct the 50% Fib retracement level of the downward solution from the $58,396 swing high to the $54,301 cheapened. A clear solution above the craze line could send out the price toward the $57,400 level. The next key resistance could be $58,400.

A relaxing above the $58,40 resistance could overture a stable aggravation and also send out the price greater. In the asserted spanning, the price could aggravation and also test the $60,000 resistance in the coming sessions.

Much more Losses In BTC?

If Bitcoin falls short to climb above the $56,400 resistance zone, it could bolster to solution down. Rapid maintain on the downside is direct the $54,400 level.

The first beefy maintain is $53,650. The next maintain is currently forming direct $53,200. Any type of more losses could send out the price toward the $52,000 maintain zone in the direct term.

Techie indications:

Hourly MACD – The MACD is currently gaining pace in the bearish zone.

Hourly RSI (Relative Potency Index) – The RSI for BTC/USD is currently listed underneath the 50 level.

Large Stabilize Levels – $54,400, obeyed by $53,500.

Large Resistance Levels – $56,400, and also $58,400.