Bitcoin price is struggling to remove the $ 60,000 resistance against the US dollar. BTC is likely to see a sharp drop if the closing price is below the $ 57,000 support.
- Bitcoin failed to hit the $ 60,000 level and began falling again below $ 59,000.
- The price is still well above $ 55,000 and the simple moving average of 100 (4 hours).
- A major rising channel is forming on the 4-hour chart of the BTC / USD pair (data feed from Kraken) with support near USD 57,200.
- The pair could see a sharp decline if there is a significant break below the USD 57,000 support zone.
Bitcoin price corrects profits
For the past week, Bitcoin price has tried to remove the $ 60,000 resistance against the US dollar. However, the BTC / USD pair failed to settle above the USD 60,000 level and recently started a new decline.
There was a pause below the $ 59,200 and $ 58,500 support levels. The price even traded below the 50% fib retracement level of the uptrend from $ 56,367 swing low to $ 59,919 swing high. The price is still well above $ 55,000 and the simple moving average of 100 (4 hours).
Source: BTCUSD on TradingView.com
It is approaching the USD 57,200 and USD 57,000 support levels. A major rising channel is also forming on the 4-hour chart for the BTC / USD pair with support near USD 57,200.
Channel support is close to the 76.4% fib retracement level of the move up from $ 56,367 swing low to $ 59,919 swing high. If there is a downside pause below the channel support, the price could fall towards the USD 55,000 support level. Further losses may require a move towards the $ 53,200 support.
New rise in BTC?
If Bitcoin remains stable above the USD 57,000 support level, there is a short-term possibility of spike again. Initial resistance to the upside is near the $ 59,200 level.
The main resistance is still near the $ 60,000 level. A clear break above the $ 60,000 zone could open the doors to a sharp rise. In this case, the price could rise towards USD 62,000 and to a new all-time high.
4 hours MACD – The MACD for BTC / USD is losing its upward trend in the bullish zone.
4 hour RSI (Relative Strength Index) – The RSI for BTC / USD is struggling to stay above the 50 level.
Main Support Tier – $ 57,000
Main Resistance Level – $ 60,000