TA: Bitcoin Continues To Struggle, Why BTC Could Dive Below $55K
24 Novembro 2021 - 12:08AM
NEWSBTC
Bitcoin is struggling to recover above $57,500 against the US
Dollar. BTC is declining and could accelerate lower below $55,000
in the near term. Bitcoin is facing resistance near the key $58,000
and $57,500 levels. The price is now trading below $57,500 and the
100 hourly simple moving average. There is a crucial bearish trend
line forming with resistance near $57,300 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair is under
pressure and might slide further below $55,500 in the near term.
Bitcoin Price Faces Hurdles Bitcoin price attempted another upside
break above the $58,000 resistance zone. However, BTC failed to
gain strength for a clear move above the $57,500 and $58,000
levels. A high was formed near $57,850 and the price started a
fresh decline. There was a break below the $57,500 and $57,200
levels. The bears pushed the price below the 50% Fib retracement
level of the upward move from the $55,362 swing low to $57,850
high. Bitcoin is now trading below $57,500 and the 100 hourly
simple moving average. There is also a crucial bearish trend line
forming with resistance near $57,300 on the hourly chart of the
BTC/USD pair. An immediate support is near the $56,300 level. It is
close to the 61.8% Fib retracement level of the upward move from
the $55,362 swing low to $57,850 high. The first major support is
now forming near the $56,000 level. The main breakdown support is
still near the $55,500 level. Source: BTCUSD on TradingView.com A
downside break below the $55,500 level could spark more losses. In
the stated case, the price might even decline below the $55,000
level. The next major support could be near the $53,200 level.
Upside Limited In BTC? If bitcoin stays above the $55,500 support,
it could attempt a fresh recovery wave. On the upside, an initial
resistance is near the $57,000 level. The first key resistance is
near the $57,500 level and the trend line zone. The next major
resistance sits near the $57,850 level and the 100 hourly simple
moving average, above which the price might rise towards the
$59,200 level. Technical indicators: Hourly MACD – The MACD is now
gaining pace in the bearish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is below the 50 level. Major Support
Levels – $56,000, followed by $55,500. Major Resistance Levels –
$57,200, $57,500 and $58,000.
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