After being refused to break through $60,500 a few days ago, the price of Bitcoin dropped sharply to the $58,000 support level. However, BTC's bid was still much higher than the $58,000 area and recovered its losses, breaking through the level of $59,000, and the price even climbed to more than $60,000. A high is formed near $60,800, but now the price is decling again.
From the hourly chart, a major contraction triangle is formed, and the resistance is near $60600. If there is an upward breakthrough above the levels of $60600 and $60,650, a new round of rebound is likely to occur. Under the above circumstances, the price may soar to the level of $61,000 and $61,800 in the short term.
If Bitcoin fails to climb above the $60600 and $60,650 levels, a short-term downside correction may occur. The initial support for the downside is close to the $58,350 level. Then its next major support level is the $58,750 near the triangle and the 100-hour simple moving average. If the bulls fail to maintain the 100 hourly SMA, a sharp decline may occur. Under the above circumstances, the price may drop to the level of $56,800 in a short period of time.
Current Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just above the 50 level.
Major Support Levels – $59,350, followed by $59,000.
Major Resistance Levels – $60,650,and $61,200.
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.