Bitcoin began a draw back correction from the $55,700 zone towards the US Greenback. BTC is correcting decrease, however dips stay supported close to $53,000 and $53,200.
- Bitcoin began a draw back correction from properly above the $55,500 degree.
- The worth is now buying and selling above $53,000 and the 100 hourly easy shifting common.
- There was a break beneath a key bullish pattern line with help close to $53,100 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may appropriate decrease, however the bulls are more likely to stay lively close to $53,000.
Bitcoin Value Corrects Decrease
Bitcoin value remained in a positive zone above the $52,000 resistance. BTC even broke the $55,000 resistance degree and settled above the 100 hourly easy shifting common.
Nonetheless, the value did not proceed increased above the $55,700 zone. A excessive was shaped close to $55,770 earlier than there was a draw back correction. The worth corrected decrease beneath the $55,200 help degree. The worth even traded beneath the 23.6% Fib retracement degree of the upward wave from the $50,365 swing low to $55,777 excessive.
There was additionally a break beneath a key bullish pattern line with help close to $53,100 on the hourly chart of the BTC/USD pair. An instantaneous help on the draw back is close to the $53,500 degree.
Supply: BTCUSD on TradingView.com
On the upside, an preliminary resistance is close to the $54,500 degree. The primary main resistance is close to the $55,000 degree, above which the value may speed up increased. The following main resistance sits close to the $55,500 degree. Any extra good points may set the tempo for a transfer in direction of the $58,000 degree.
Dips Restricted In BTC?
If bitcoin fails to clear the $55,000 resistance zone, it may proceed to maneuver down. An instantaneous help on the draw back is close to the $53,500 degree. The primary main help is now forming close to the $53,100 degree.
The following main help is close to the $53,000 degree. It’s close to the 50% Fib retracement degree of the upward wave from the $50,365 swing low to $55,777 excessive. Any extra losses may open the doorways for a transfer in direction of the $52,500 degree. The following key help sits close to the $52,000 degree.
Technical indicators:
Hourly MACD – The MACD is now shifting within the bearish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 degree.
Main Help Ranges – $53,500, adopted by $53,000.
Main Resistance Ranges – $54,500, $55,000 and $55,500.
