Bitcoin Shows Bearish Signs, Risk of Breakdown Below $56K

 2021-12-02 08:16:45

Bitcoin failed again to clear the $58,500 resistance against the USDT. BTC is declining and it might accelerate lower below the $56,000 support in the near term.


 chart


There was a break below a key bullish trend line with support near $57,200 on the hourly chart of the BTC/USDT pair. The pair could accelerate lower if there is a clear break below the $56,000 support zone.

 

Bitcoin is now just trading above $56,500 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $57,500 level.

 

The main resistance is still near the $58,500 level. A clear break above the $58,500 resistance zone could open the doors for more upsides. If bitcoin fails to clear the $58,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $56,000 level. A downside break below the $56,000 support may perhaps push the price towards $55,500. Any more losses might start a major decline towards $52,000.

 

Technical indicators:

 

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently equal to the 50 level.

Major Support Levels – $57,000, followed by $56,000.

Major Resistance Levels – $58,000 and $58,500.

 

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.

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