Bitcoin price prolonged its decline and tested the $ 53,000 zone against the US dollar. According to the famous analyst Aayush Jindal, who made successful predictions, the Bitcoin price is rising, but faces many hurdles around $ 55,000 and $ 56,000.
- Bitcoin price remained in a short-term bearish zone, shifting its fall below $ 53,000.
- The price is currently trading well below the $ 56,000 level and the 100-saadollarsik simple trading lines.
- The BTC / USD pair has a key bearish trend line with resistance near $ 55,200 on the saadollarsik chart (data feed from Kraken)
- The pair could make a higher retracement, but it will likely struggle around $ 56,000 and $ 56,500, according to analyst.
Analyst: Bitcoin will likely struggle around $ 56,000 and $ 56,500
Bitcoin price failed to break above the $ 57,000 barrier and extended its decline. BTC traded below the $ 54,000 support zone and even fell below $ 53,200. There was a collapse below $ 53,000 and the price dropped to $ 52,943. It is now rising and is trading above the $ 54,000 level. 23% of the last drop. There was a break above the 6 Fib retracement level from $ 59,040 to $ 52,943.
Currently, the Bitcoin price is trading well below the $ 56,000 level and the 100-hour-long simple transactional average. Also, there is a significant bearish trend line formed with resistance near $ 55.200 on the saadollarsik chart of the BTC / USD pair. If there is an upside break above the trendline resistance, BTC could rise towards the $ 55.500 resistance zone.
Master analyst: Pay attention to these levels for bitcoin price!
The 50% Fib retracement level of the last drop was lowered from $ 59,040 to $ 52,943 and is near the $ 55,600 level. The next key resistance is near the $ 56,000 level, according to the analyst. A close above the $ 56,000 level could increase the chances of a steady increase above the average of 100 single-cycle simple moves, according to the analyst.
If Bitcoin price fails to clear the $ 55,500 resistance or $ 56,000, it could initiate a new decline, according to the analyst. The first downside support is near the $ 54.200 level, according to the analyst. Near the $ 53,400 level, the price below it could see the low of $ 52,943 again, according to the first major support analyst. More losses could open the doors for a drop towards the $ 52,000 support zone, according to the analyst.
Current view of Bitcoin price with technical indicators
Saadollarsik MACD: The MACD for BTC / USD is trying to gain momentum in the bullish zone.
Saadollarsik RSI (Relative Strength Index): The RSI for BTC / USD is recovering towards the 50 level.
Major Support Levels: 54. $ 200, then $ 53,000.
Main Resistance Levels: 55. $ 500, $ 56,000 and $ 58.500.