Following a bearish day for Bitcoin price, it dipped to $53,900 yesterday. In case of losing the support level of the triangle pattern at $54,500, there will be further decline in short-term. Here is a summary of Bitcoin price in the past 24 hours:
- BTC lost the $57,000, $56,500 and $55,500 support levels
- Currently, the price is above $54,000 and the 1-hour candles are below the SMA100
- For the 1-hour chart, we can see a triangle pattern with resistance at $55,900 and support level at $54,500.
- In case BTC manages to stabilize above the support level of the triangle, it could grow in short-term.
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Bitcoin Price Action Analysis
BTC continued bearish today and lost the $57,000 and $56,500 support levels. At some point, the price dipped below $55,500 and had a spike down to $53,900. Then, in an effort to recover, the price crawled up to the 50% Fibonacci retracement level from the latest fall from $57,879 to $53,922. However, the $56,500 resistance level did not allow the bull run to continue.
Currently, BTC is still above $54,000 and the 1-hour candles are below the SAM100. For the 1-hour chart, we can see a triangle pattern with resistance and support levels at $55,900 and %54,500.
In case of dipping below the triangle support level, there will be short-term decline. With that, the first support level is at $54,400 followed by $53,800 and $53,500.
Further decline can bring the price down to $52,500 and $51,700. The next support level at that point will be $51,200.
On the other hand, if BTC manages to stay above the support level, there will be a new uptrend. For that scenario, the first resistance level is at $55,500. Then the triangle resistance level at $55,900 stand on the way. This level is near the 50% Fibonacci retracement level from the latest fall.
Escaping from the top of the triangle could cause a bull run in short-term. In that case, the $56,500 and $56,900 will be the next levels to resist growth. Further growth can bring the price closer to the $57,500 and $58,200 resistance levels.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently 36.
Resistance levels: Right now, the $55,900 is the important resistance level to consider.
Support levels: the $54,500 to $54,400 zone is the important support level that will cause further decline if broken.
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