Bitcoin price attempted a recovery wave above the $58,500 resistance zone. BTC spiked above the $60,000 zone, but there was no real bullish momentum.
As a result, the price started a fresh decline below the $59,200 level. The price traded below the $58,500 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $59,200 on the hourly chart of the BTC/USD pair.
Bitcoin traded below the 50% Fib retracement level of the upward wave from the $55,674 swing low to $60,050 high. It is now trading below $58,500 and the 100 hourly simple moving average.
An immediate support is near the $57,350 level. It is close to the 61.8% Fib retracement level of the upward wave from the $55,674 swing low to $60,050 high. The first major support is now forming near the $56,500 level. A downside break below the $56,500 level could spark more losses.
The main support is near the $55,500 and $55,000 levels. Any more losses may perhaps set the pace for a move towards the $52,000 support zone in the near term.
Fresh Recovery In BTC?
If bitcoin stays above the $56,500 support, it could start a fresh increase. On the upside, an initial resistance is near the $58,000 level.
The first key resistance is near the $58,500 level and the 100 hourly simple moving average. The next major resistance sits near the $59,200 level, above which the price might rise towards the $60,000 level. Any more gains could lead the price towards the $61,200 level.
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.
Major Support Levels – $56,500, followed by $55,500.
Major Resistance Levels – $58,500, $59,200 and $60,000.