Bitcoin rate stopped working to remain above the $60,000 level versus the United States Dollar. BTC is consolidating losses and it remains at a risk of more downsides below $58,000.
- Bitcoin extended its decrease below $62,000 and $60,000 assistance levels.
- The price is now trading below $60,000 and the 100 hourly simple moving average.
- There is a crucial bearish pattern line forming with resistance near $60,900 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The pair remains at a risk of more downsides below the $58,000 level in the near
term.
Bitcoin Price Extends Losses
Bitcoin rate stopped working to remain above the essential $62,000 and $60,000 assistance levels. As a result, there was a crucial downside break below $60,000.
The rate even settled below the $60,000 level and the 100 per hour basic moving average. A low is formed near $58,140 and the price is now consolidating losses. An instant resistance on the advantage is near the $59,500 level.
It is near the 23.6% Fib retracement level of the recent drop from the $63,700 swing high to $58,140 low. The initially significant resistance is near the $60,000 level. The main breakout zone is now forming near the $61,000 level and the 100 hourly SMA.
The 50% Fib retracement level of the current drop from the $63,700 swing high to $58,140 low is likewise near $60,900. Besides, there is a key bearish trend line forming with resistance near $60,900 on the hourly chart of the BTC/USD.
A clear break above the pattern line resistance and after that $61,000 might potentially call open the doors for a relocation towards the $62,000 level. The next major resistance sits near the $64,000 level.
More Losses In BTC?
If bitcoin stops working to clear the $60,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $58,200 level.
The initially significant assistance is now forming near the $58,000 level. A break below the $58,000 support may possibly push the price towards the $57,200 support zone in the near term. The next essential assistance is near the $56,500 level.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $58,200, followed by $58,000.
Major Resistance Levels – $59,500, $60,000 and $60,900.
