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BitcoinToday

Bitcoin Begins Corrective Lower, $53K Holds The Key

Bitcoin began a draw back correction from the $55,700 zone towards the US Greenback. BTC is correcting decrease, however dips stay supported close to $53,000 and $53,200.

  • Bitcoin began a draw back correction from effectively above the $55,500 degree.
  • The worth is now buying and selling above $53,000 and the 100 hourly easy shifting common.
  • There was a break under a key bullish pattern line with help close to $53,100 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may right decrease, however the bulls are prone to stay lively close to $53,000.

Bitcoin Worth Corrects Decrease

Bitcoin value remained in a positive zone above the $52,000 resistance. BTC even broke the $55,000 resistance degree and settled above the 100 hourly easy shifting common.

Nonetheless, the value did not proceed increased above the $55,700 zone. A excessive was fashioned close to $55,770 earlier than there was a draw back correction. The worth corrected decrease under the $55,200 help degree. The worth even traded under the 23.6% Fib retracement degree of the upward wave from the $50,365 swing low to $55,777 excessive.

There was additionally a break under a key bullish pattern line with help close to $53,100 on the hourly chart of the BTC/USD pair. A direct help on the draw back is close to the $53,500 degree.

Supply: BTCUSD on TradingView.com

On the upside, an preliminary resistance is close to the $54,500 degree. The primary main resistance is close to the $55,000 degree, above which the value may speed up increased. The subsequent main resistance sits close to the $55,500 degree. Any extra good points may set the tempo for a transfer in the direction of the $58,000 degree.

Dips Restricted In BTC?

If bitcoin fails to clear the $55,000 resistance zone, it may proceed to maneuver down. A direct help on the draw back is close to the $53,500 degree. The primary main help is now forming close to the $53,100 degree.

The subsequent main help is close to the $53,000 degree. It’s close to the 50% Fib retracement degree of the upward wave from the $50,365 swing low to $55,777 excessive. Any extra losses may open the doorways for a transfer in the direction of the $52,500 degree. The subsequent key help sits close to the $52,000 degree.

Technical indicators:

Hourly MACD – The MACD is now shifting within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now under the 50 degree.

Main Assist Ranges – $53,500, adopted by $53,000.

Main Resistance Ranges – $54,500, $55,000 and $55,500.

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