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Bitcoin price failed to overcome the USD 60,650 resistance. BTC is now correcting gains and could fall towards the $57,500 support zone.
- Bitcoin corrects gains and trades well below the $60,000 level.
- The price is trading below $58,800 and the 100 hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it remains above the $57,500 support zone.
Bitcoin Price Begins Downward Correction
Bitcoin price started to rise significantly after breaking the USD 58,500 resistance zone. BTC was able to climb above the USD 59,500 resistance. The pair even managed to break through the $60,000 resistance zone.
However, the bears seem to be active near the USD 60,650 resistance zone. It reached a high at $60,638 and the price is now correcting gains. There was a decline below the $59,500 level. The price even fell below the 23.6% Fib retracement level of the upward move from the $55,548 swing low to the $60,638 high.
There was also a break below a key bullish trendline with support at $60,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $58,800 and the 100 hourly Simple Moving Average.
On the upside, the price could encounter resistance near the USD 59,200 level. The first major resistance is near the USD 60,000 level. A clear move above the USD 60,000 resistance could trigger a steady rise in the coming sessions. The next major resistance could be at USD 60,650. A close above the resistance at $60,650 could provide more upside. In the mentioned case, the price could rise and test the USD 62,000 resistance.
More disadvantages of BTC?
If Bitcoin fails to rise above the $59,200 resistance zone, it could continue to decline. Immediate support on the downside is near the $58,000 level or the 50% Fib retracement level of the upward move from the $55,548 swing low to the $60,638 high.
The first major support is $57,500. The next support is now near the $56,750 zone. Any further losses could send the price towards the USD 55,550 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 58,000, followed by USD 57,500.
Major resistance levels – $59,200 and $60,000.
