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Bitcoin Starts Corrective Decrease, $53K Holds The Key

Bitcoin began a draw back correction from the $55,700 zone towards the US Dollar. BTC is correcting decrease, however dips stay supported close to $53,000 and $53,200.

  • Bitcoin began a draw back correction from nicely above the $55,500 stage.
  • The value is now buying and selling above $53,000 and the 100 hourly easy shifting common.
  • There was a break beneath a key bullish development line with assist close to $53,100 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may right decrease, however the bulls are seemingly to stay lively close to $53,000.

Bitcoin Price Corrects Lower

Bitcoin value remained in a constructive zone above the $52,000 resistance. BTC even broke the $55,000 resistance stage and settled above the 100 hourly easy shifting common.

However, the value failed to proceed larger above the $55,700 zone. A excessive was fashioned close to $55,770 earlier than there was a draw back correction. The value corrected decrease beneath the $55,200 assist stage. The value even traded beneath the 23.6% Fib retracement stage of the upward wave from the $50,365 swing low to $55,777 excessive.

There was additionally a break beneath a key bullish development line with assist close to $53,100 on the hourly chart of the BTC/USD pair. An quick assist on the draw back is close to the $53,500 stage.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, an preliminary resistance is close to the $54,500 stage. The first main resistance is close to the $55,000 stage, above which the value may speed up larger. The subsequent main resistance sits close to the $55,500 stage. Any extra good points may set the tempo for a transfer in the direction of the $58,000 stage.

Dips Limited In BTC?

If bitcoin fails to clear the $55,000 resistance zone, it may proceed to transfer down. An quick assist on the draw back is close to the $53,500 stage. The first main assist is now forming close to the $53,100 stage.

The subsequent main assist is close to the $53,000 stage. It is close to the 50% Fib retracement stage of the upward wave from the $50,365 swing low to $55,777 excessive. Any extra losses may open the doorways for a transfer in the direction of the $52,500 stage. The subsequent key assist sits close to the $52,000 stage.

Technical indicators:

Hourly MACD – The MACD is now shifting within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.

Major Support Levels – $53,500, adopted by $53,000.

Major Resistance Levels – $54,500, $55,000 and $55,500.

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