Bitcoin price once again failed to surpass the $55,500 resistance level. Subsequently, the price is still consolidating and by maintaining the $55,000 and $53,900 support level can grow in short-term. Here is a summary of Bitcoin price in the past 24 hours:
- BTC is still ranging and is above the support level for the uptrend.
- Currently, the price is above $55,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we have a new uptrend with support level at $53,900.
- By losing the two mentioned support levels, BTC could decline in short-term
Bitcoin Price Action Analysis
Yesterday, BTC once again failed to surpass $55,000 and continued on consolidating.
Currently, the price is above $55,000 and the 1-hour candles are above the SMA100. The support level for the uptrend and the support level for the ranging trend are respectively at $55,000 and $53,900. In case Bitcoin loses these two, there could be a bear run coming next.
The first resistance level is around $55,500 which is the resistance for the ranging trend. Surpassing this level could bring short-term growth. Furthermore, the $56,000 and $57,000 are next in line. Following that, the $58,200 and $59,200 are the next resistance levels to expect. Further growth could bring the price closer to the $59,800 resistance level.
On the other hand, if BTC fails to surpass the $55,500, the first support level will be at $50,000. This level is also near the 23.6% Fibonacci retracement level from the latest rise from $50,358 to $56,091. The next crucial support level is at $53,900. This level is near the ranging trend and losing it could bring downward momentum for the price. In that scenario, the $53,500 near the 50% Fibonacci retracement level would be the next support level. Following that, the $52,500 and $52,000 will support the price next.
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 well above 60.
Resistance levels: Right now, the $56,000, $57,000 and $58,200 are important resistance levels.
Support levels: the $55,000 and $53,500 are important support levels that will cause further decline if they are broken.
HiExchange
If you are looking to exchange your Bitcoin into Webmoney, Perfect money or PayPal, or Purchase Bitcoin with Perfect Money USD, HiExchange provides excellent exchange services. with 24/7 customer support and the best exchange rates at any moment, our team of professionals will guarantee our customers with a secure, easy and smooth exchange experience. And to stay up to date with our latest opinion articles, technical analysis and news, visit our Blog.
