Bitcoin continues to fail in overcoming $60,000 as the latest rejection drives the asset to a daily low of $56,500.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $62,000, $64,000, $66,000
Support Levels: $53,000, $51,000, $49,000
BTCUSD – Daily Chart
BTC/USD corrects $60,000 in earnings on a daily basis and is expected to start up another increase as long as no earlier than $56,500. Last week, the price of Bitcoin steadily increased above $58,000. The resistance of $ 58,000 was later broken by BTC/USD and it settled over the average of 9 and 21 days. Nearly $60,060 was built up but the price began a fresh fall yesterday.
What to Expect from Bitcoin
As a sign of bullish momentum the price on the market is below daily high of $ 58,500 resistance, BTC and USD is seen tracking and trading around moving averages. Federal resistance can increase at 60,000 $ before reaching the potential resistance levels of 62,000, 64,000 and 66, 000 US$. Another increase of bullish momentum may require a price higher than this level;
However, if resistance of 57.500 dollars were not kept in check, the price could reverse and face support of 55.000 dollars, additional increase in the pressure of the bears might push the price downward into the 21 day average, and may affect critical aid by 53 000 dollars, 51 000 dollars and 49 thousand dollars.Meanwhile, RSI (14) signal line of technical indicator moves over 55 levels and crosses below can enflammate the market for sale
BTC/USD Medium – Term Trend: Ranging (4H Chart)
The fast-moving 9-day MA remains below the slow-moving 21-day Market price, according to the 4-hour chart; as a sign of a barious momentum, the market price traded beneath the two moving averages. But if the current market price of $58,000 continues, the bears may exercise pressure to break the important level of support and the price may decrease to or below $56,000.
BTCUSD – 4 Hour Chart
Moreover, if bulls exert more pressure on their market price than the moving average, they could penetrate the resistance level of $59,500 and increase the price to or above $60,000. Meanwhile the RSI (14) technical indicator moves around 45-story so that a sideways motion can indicate an unheard signal as the indicator crosses this level.