Asus
Bitcoin price struggled to clear the $59,500 level. BTC is moving lower and now at risk of more downsides toward the $56,000 level.
- Bitcoin started another decline from the $59,475 resistance zone.
- The price is trading above $57,200 and the 100 hourly Simple moving average.
- There was a break below a key bullish trend line with support at $57,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might start another major decline if it fails to stay above the $57,200 support.
Asus Bitcoin Price Faces Trouble
Bitcoin price extended its recovery wave above the $57,500 level. BTC even climbed above the $58,500 level. However, the bears are active near the $59,500 resistance zone.
A high was formed at $59,474 and the price is now correcting gains. There was a move below the $58,500 level. The price tested the 50% Fib retracement level of the upward move from the $54,955 swing low to the $59,474 high. Besides, there was a break below a key bullish trend line with support at $57,900 on the hourly chart of the BTC/USD pair.
The bulls seem to be active above the $57,200 level. Bitcoin price is now trading above $57,200 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $58,400 level.
The first key resistance is near the $58,800 level. A clear move above the $58,800 resistance might start a decent increase in the coming sessions. The next key resistance could be $59,500. The next major hurdle sits at $60,000. A close above the $60,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $62,500 resistance.
Asus More Losses In BTC?
If Bitcoin fails to climb above the $58,400 resistance zone, it could start another decline. Immediate support on the downside is near the $57,200 level.
The first major support is $56,000 and the 76.4% Fib retracement level of the upward move from the $54,955 swing low to the $59,474 high. The next support is now near $55,000. Any more losses might send the price toward the $53,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $57,200, followed by $56,000.
Major Resistance Levels – $58,400, and $59,500.
Asus
Aayush Jindal
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.
Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.
At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.
In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.