Bitcoin’s price faced challenges in breaking through the $59,500 and $60,000 resistance levels. It couldn’t, so we got a decline again, below $58,000.
Selloff, or whale accumulation? Can we see something?
The traders and analysts are in trouble, as the price got moves, but nothing big moves.
A TradingView user shared the analysis for the shorter term outlook for Bitcoin’s price, and the bad news is probably more slide ahead.
The price fell under the $57,800 and $57,500 support levels, reaching a low around $56,600, and since then, the price has been slowly consolidating its losses. Really slowly.
Right now Bitcoin is trading close to the 23.6% Fibonacci retracement level of the recent drop from $58,963 to $56,593.
Bitcoin now, in time of writing is below $57,500 and the 100 hourly simple moving average. The nearest small resistance on the upside is at $57,750.
The first significant resistance is around $58,000, which corresponds to the 61.8% Fibonacci retracement level.
Buy on support, sell on resistance?
If Bitcoin manages to move above the $58,000 resistance, it could see a more increase.
The next resistance level is at $58,500. There is also a declining channel with resistance at $58,400 on the hourly chart for BTC/USD.
The next major resistance is at $59,500. Successfully closing above this level might trigger a visible increase, potentially pushing the price towards the $60,000 mark. Maybe above.
Bear rule
If Bitcoin fails to rise above the $58,000 resistance, it may continue to drop, and the problem is we don’t see any positive sign which supports this scenario. The bears looks stronger now.
The nearest support is at $56,600, with the first major support at $56,000. The next level is around $55,000.
If the decline continues, the price could fall even to the $53,500 support zone. Prepare!
The hourly MACD is gaining momentum in the bearish zone, and the hourly RSI for BTC/USD is below the 50 level. Weak.
Major support levels to watch are $56,500 and $55,000, while major resistance levels are $58,000 and $58,500.
