Bitcoin price failed to rise to $ 60,000 against the US Dollar. According to the famous analyst Aayush Jindal, who made successful predictions, the bitcoin price fell sharply and tested the $ 54,500 support zone where the bulls stopped.
- Bitcoin price was unable to stretch its gains and formed a short-term peak near the $ 59,000 level.
- The price is currently trading well below the $ 57,000 level and the 100-saadollarsik simple trading lines.
- There was a break below a major bullish trend line with support around $ 57.300 on the saadollarsik chart of the BTC / USD pair (data feed from Kraken).
- According to the analyst, the pair may correct losses, but bulls may encounter sellers around $ 57,000 and $ 57,400.
Bitcoin suddenly wiped out $ 5,000! Here’s what’s on the market …
Bitcoin price attempted further rallies above the $ 58.500 resistance level. BTC tested the $ 59,000 zone, but couldn’t continue higher. A high was formed around $ 59.028 before it started to decline. The price broke the $ 58,000 and $ 57,000 support levels. There was a break below a major bullish trend line with support around $ 57.300 on the singular chart of the BTC / USD pair.
There was also a drop below the $ 55,000 support level. Currently, BTC is trading well below the $ 57,000 level and 100-hourly simple transactional average. A low has formed around $ 54.665 and the price is currently trying to recover. Bitcoin price broke the $ 55.500 resistance level. 23% of the last drop. There was a decline above the 6 Fib retracement level from $ 59.028 to $ 54.665. As a result, BTC suddenly wiped out $ 5,000, sliding from $ 59,000 to $ 54,000 on some exchanges.
Analyst: Bitcoin price may head towards these levels after sharp decline
On the upside, initial resistance is close to the $ 56.800 level and 100 saadollarsy simple action lines are close to the average. The 50% Fib retracement level of the last drop from the $ 59.028 low to $ 54.665. The main resistance is currently forming near the $ 57,000 zone, according to the analyst. A successful break above the $ 56,800 and $ 57,000 resistance levels could open the door for a new move towards the $ 59,000 level, according to the analyst.
If Bitcoin price fails to clear the $ 56,800 resistance, it may once again correct the decline, according to the analyst. The first downside support is near the $ 55,000 level, according to the analyst. The first major support is near the $ 54.500 level, according to the analyst. A downside break below the $ 54.500 support could require 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 slowly recovering and losing momentum in the bearish zone.
Saadollarsik RSI (Relative Strength Index): The RSI for BTC / USD is well below the 50 level.
Major Support Levels: 55. $ 54.500 after 000 dollars.
Main Resistance Levels: 56. $ 800, $ 57,000 and $ 58.500.