Bitcoin price started another decline from the $60,650 resistance. BTC now risks further downside below the $57,500 support zone.
- Bitcoin is correcting gains and gaining bearish momentum below the $59,000 level.
- The price is trading below $58,500 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it sustains above the $57,500 support zone.
Bitcoin Price Turns Red
Bitcoin price struggled to clear the $60,000 resistance zone and started a fresh decline. BTC fell below the $60,000 and $59,500 levels to start a downside correction.
There was a drop below the 50% Fib retracement level of the upward move from the $55,550 low to $60,638 high. The bears managed to push the price towards the $57,500 support zone. There is now a key bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $58,500 and the 100-hour simple moving average. It is testing the 61.8% Fibonacci retracement level of the upward move from the $55,550 swing low to $60,638 high.
On the upside, the price may face resistance near the $58,000 level and the trendline. The first key resistance is near the $59,200 level and the 100 hourly simple moving average. A clear move above the $59,200 resistance could start a steady increase in the coming sessions.
The next key resistance could be at $60,000. A close above the $60,000 resistance could lead to further upside. In this case, the price could move higher and test the $60,650 resistance.
More downsides to BTC?
If Bitcoin fails to climb above the $58,000 resistance zone, it could continue to decline. Immediate support on the downside is near the $57,500 level.
The first major support is at $56,750. The next support is now near the $56,250 zone. Any more losses could send the price towards the $55,550 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $57,500, followed by $56,750.
Key Resistance Levels – $58,000 and $59,200.
