BTC/USD remain lower than the 9-day and 21-day averages after another failure to clear the $60,000 resistance. If bulls cannot drive the Bitcoin price higher than the moving averages, this will begin another new decline. The BTC price breaks the $57,000 support level at the opening of today’s trade, so as to move into a berry field.
Since Bitcoin (BTC) trades below averages, it through start to show bay signs below the $57,000 and $56,000 levels when it goes under the 21-day MA. Moreover, if more losses occur, the price may break the 55,000 dollars as the next biggest bull aid is near the 53,000 dollars, 51,000 dollars and 49,000 dollars. The RSI technical indicator (14) is now seen to pass below the 60 level and the bearish movement can be increased at every further cross below that level.
On the contrary, if the first digital asset is above the moving averages, a new rise might start and the initial upside resistance is close to $58,200. In addition, the key resistance is close to On the contrary, if the first digital asset is above the moving averages, a new rise might start and the initial upside resistance is close to $58,200. In addition to the $60,000 mark, the principal resistance could well move the price towards the main resistance zone of $62,000 and a clear break above the level of $60,000. More gains will start a pump to the resistance levels of $63,000, $65,000 and $67,000.
BTC/USD Medium – Term Trend: Classification (4H Chart)
On the 4-hour map, we anticipate that the coin will gain momentum and will cross more than $60,000. The uncertainty however hovers and the sales pressures still remain, which means that the coin cannot exceed the moving averages of 9 days and 21 days. Meanwhile, if BTC is below the lower channel, the $55,000 and below will come into play.
As long as the buyers can improve and strengthen the market, however, the traders can expect to get a test at $58,800, which will allow bulls to hit $60,000 or more. Approximately 47 levels of the RSI (14) indicate that there are likely to be more boring signals.