Bitcoin is struggling to restart an upward move above the $58,800 zone, resulting in a bearish move. BTC broke the $56,250 support levels to move further into a bearish zone.
There was also a break below a key contracting triangle with support near $57,450 on the hourly chart. From the hourly chart, Bitcoin dropped below the $56,000 level and tested the next key support near the $55,500 zone. It is now trading above $56,500. If bitcoin fails to stand still above $57,000 and $57,500, there could be more downsides.
Hourly MACD – The MACD is slowly losing momentum in the bearish zone.
Hourly RSI – The RSI for BTC/USD is still well below the 50 level.
Major Support Levels – $56,000, followed by $55,500.
Major Resistance Levels – $57,000, $57,500 and $58,000.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
xbt, btc market, market analysis, bitcoin whipsaw trading, price direction, Bitcoin, btc price, cryptocurrency, exchange, crypto, what is bitcoin, bitcoin price today, liquidity, btc, cryptocurrency prices, cryptocurrency bitcoin price, price charting, bitcoin chart, bitcoin price chart, cryptoquote, bitcoin price history, futures trading, bitcoin trading, coin exchange, price of bitcoin today, crypto prices, bitcoin exchange, what is margin trading, bitcoin price now, crypto wallet, best crypto exchange, etherium price, trading platforms, bitcoin graph, current price of bitcoin, account management, bitcoin current price, crypto market, crypto exchanges, cryptocurrency trading, how to purchase bitcoin, price of btc, bitcoin trading platform, eos price, bitcoin live price, best bitcoin exchange, bitcoin blockchain, best cryptocurrency exchange, bitcoin cost, purchase bitcoin, bitcoin login, crypto trading, bitcoin fees, live bitcoin price, bitcoin miners, bitcoin app, cryptocurrency prices live, exchanges, what is btc, bitcoins price, btc coin, bitcoin wallet, dogecoin,dogecoin price, dogecoin stock, how to buy dogecoin, dogecoin elon musk, dogecoin reddit, dogecoin mining, dogecoin to usd, dogecoin worth, dogecoin wallet, dogecoin news