More

    Bitcoin Stuck in Range, Here’s What Could Trigger More Losses

    Bitcoin price is trading in a range below the $57,500 resistance against the US Dollar. BTC is likely to start a major decline if there is a clear break below the $53,500 support zone.

    Bitcoin is struggling to gain momentum above the $56,000 and $56,500 levels.
    The price is now trading well below $56,500 and the 100 hourly simple moving average.
    There is a new declining channel forming with resistance near $55,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could correct higher, but the bulls are likely to struggle near $55,750 and $56,500.

    Bitcoin Price Remains At Risk
    Bitcoin recovered higher above the $56,000 level, but the bulls failed to gain strength. BTC topped near the $56,400 level and it failed to clear the 100 hourly simple moving average.
    A high was formed near $56,404 and the price resumed its decline. It broke the $55,400 support and revisited the $53,500 support zone. A low is formed near $53,650 and the price is now consolidating losses. An immediate resistance is near the $55,050 level.
    The 50% Fib retracement level of the recent decline from the $56,404 high to $53,670 low is also near $55,050. The next key resistance is near the $55,400 level.

    Source: BTCUSD on TradingView.com
    Moreover, there is a new declining channel forming with resistance near $55,750 on the hourly chart of the BTC/USD pair. The channel resistance is close to the 76.4% Fib retracement level of the recent decline from the $56,404 high to $53,670 low.
    Above the channel resistance, the main range resistance is near the $57,500 level. A successful break above the channel resistance and then a follow up move above $57,500 is must to start a fresh rally.
    Downside Break in BTC?
    If bitcoin fails to clear the $55,050 and $55,500 resistance levels, it could correct lower. An immediate support on the downside is near the $54,000 level.
    The first key support is near the $53,500 level and the channel lower trend line. Any more losses may possibly call for a downside break towards the $51,000 and $50,000 levels.
    Technical indicators:
    Hourly MACD – The MACD is slowly 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 – $54,000, followed by $53,500.
    Major Resistance Levels – $55,050, $55,500 and $56,500.

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 39,727.00
    ethereum
    Ethereum (ETH) $ 2,656.52
    tether
    Tether (USDT) $ 1.00
    binance-coin
    Binance Coin (BNB) $ 335.12
    cardano
    Cardano (ADA) $ 1.33
    xrp
    XRP (XRP) $ 0.749111
    usd-coin
    USD Coin (USDC) $ 1.00
    dogecoin
    Dogecoin (DOGE) $ 0.204947
    polkadot
    Polkadot (DOT) $ 18.54
    binance-usd
    Binance USD (BUSD) $ 1.00
    uniswap
    Uniswap (UNI) $ 23.06
    chainlink
    Chainlink (LINK) $ 23.71
    bitcoin-cash
    Bitcoin Cash (BCH) $ 550.73
    litecoin
    Litecoin (LTC) $ 142.92
    solana
    Solana (SOL) $ 33.98
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 39,756.00
    matic-network
    Polygon (MATIC) $ 1.06
    ethereum-classic
    Ethereum Classic (ETC) $ 51.72
    stellar
    Stellar (XLM) $ 0.279995
    theta-token
    Theta Network (THETA) $ 5.91
    vechain
    VeChain (VET) $ 0.086949
    internet-computer
    Internet Computer (ICP) $ 40.85
    dai
    Dai (DAI) $ 1.00
    filecoin
    Filecoin (FIL) $ 55.00
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022153
    okb
    OKB (OKB) $ 18.84
    terra-luna
    Terra (LUNA) $ 12.15
    tron
    TRON (TRX) $ 0.065298
    cdai
    cDAI (CDAI) $ 0.021611
    monero
    Monero (XMR) $ 234.39
    aave
    Aave (AAVE) $ 327.02
    compound-ether
    cETH (CETH) $ 53.33
    eos
    EOS (EOS) $ 4.08
    ftx-token
    FTX Token (FTT) $ 36.37
    cosmos
    Cosmos (ATOM) $ 12.70
    pancakeswap-token
    PancakeSwap (CAKE) $ 16.15
    amp-token
    Amp (AMP) $ 0.068207
    the-graph
    The Graph (GRT) $ 0.673654
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.125721
    neo
    NEO (NEO) $ 44.71
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    leo-token
    LEO Token (LEO) $ 3.08
    bitcoin-sv
    Bitcoin SV (BSV) $ 144.96
    maker
    Maker (MKR) $ 3,016.83
    tezos
    Tezos (XTZ) $ 3.20
    algorand
    Algorand (ALGO) $ 0.829189
    klay-token
    Klaytn (KLAY) $ 1.04
    celsius-degree-token
    Celsius Network (CEL) $ 6.00
    iota
    IOTA (MIOTA) $ 0.912153
    avalanche-2
    Avalanche (AVAX) $ 13.28