Having failed to surpass $59,400, Bitcoin price went for a strong decline. Currently, the price is consolidating between $54,500 and $53,500. In case BTC manages to stabilize above the $53,500 and surpass the $54,600, it could have growth in short-term. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin is consolidating between $53,500 and $54,600.
- Currently, the price is above $53,000 and the 1-hour candles are far below the SMA100.
- For the 1-hour chart, we can see BTC ranging between the $53,500 support and $54,600 resistance level.
- By having a breakthrough from the resistance level, the price could grow in short-term.
Bitcoin Price Action Analysis
BTC had a chance to reach $59,400 yet failed to surpass this level. At that point, it went for a price correction and lost the $58,200 support level. Furthermore, the downtrend gained momentum and dipped below the $57,000 and $55,500. BTC even went below $54,600 and the lowest recorded price is at $53,481.
By reaching this level, the downtrend halted. Right now, Bitcoin is still above $53,500 and the 1-hour candles are way below the SMA100. For the 1-hour chart, there is a ranging pattern with resistance at $54,600. BTC is currently moving below the 23.6% Fibonacci retracement level from the latest fall from $59,399 to $53,481.
The first resistance level to expect is at $54,600. This level is near the ranging resistance level and moving beyond it would cause short-term growth. Following that, the next resistance level will be at $54,900 and the 23.6% Fibonacci retracement level. For a bullish scenario, the $55,500 and $56,500 will be the next stops. The $56,500 is near the 50% Fibonacci retracement level from the latest correction. Further growth can bring the price closer to $57,000. $58,200 will be the next resistance level.
On the other hand, if Bitcoin price fails to surpass $54,600, the price would move towards the bottom of the channel. In which case, the first support level will be at $53,500. This level is near the support level for the trendline and dipping below it would cause further decline.
If the $53,500 is lost, the next support level will be at $52,500. Further decline can bring BTC closer to the $51,750. The next support levels will be at $51,200 and $50,700.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently at 40.
Resistance levels: Right now, the $54,600 is currently the crucial support level for BTC.
Support levels: The $53,500 is currently the crucial support levels for the price.
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