Bitcoin has been stuck in a low consolidation period after Sunday’s plunge. There are divergent opinions on the market for this plunge, but the root cause lies in the positive cashing of coinbase listing. The long market avoids uncertain risks in advance, which leads to the accumulation of a large number of longs in the early stage to complete the liquidation on Saturday, and the market is in the institutional market on Sunday. Under the joint short-selling, a gorgeous washing action was completed.
Analysts at Bexplus believe that Bitcoin is still in a period of bottoming. It can be seen that for each callback after the rebound from the plunge, strong buying support was formed near $53,000, and it failed to break below the support level for three consecutive times. The upward rebound was weak, and the moving average and daily line formed a death triangle.
BTC is showing bearish signs. If the market bulls cannot break through $57,000 in the short term, it may trigger a new round of adjustments and may seek support at $44,000 - $45,000; pay close attention to the strong support near $53,000 and make a good position management.
Current Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $54,000, followed by $53,500.
Major Resistance Levels – $55,500, $56,500 and $57,000.
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.