Following the daily chart, the Bitcoin price still needs to become stronger above the $60,000 resistance as the cryptocurrency keeps demonstrating bearish moves.
BTC/USD Long-term Trend: Bullish (Daily Chart)
- Resistance Levels: $63,000, $66,000, $67,000
- Support Levels: $53,000, $52,000, $49,000
Having suffered one more failure to clear the $60,000 resistance, BTC/USD stays below the 9-day and 21-day moving averages. The Bitcoin price is expected to begin another drop in case bulls fail to push it above the moving averages. As of this writing BTC price breaks the $57,000 support level to enter a bearish zone.
What is Bitcoin’s Next Move?
At the moment Bitcoin (BTC) trades below the moving averages; in case it passes below the 21-day MA, it may start demonstrating bearish signs below the $57,000 and $56,000 rates. Moreover, if there are more losses, the price could surpass the $55,000 low as the next support for the bulls remains near the $53,000 and $49,000 rates. As for now, the technical indicator RSI (14) is spotted below 60-rate, any additional cross below this rate would increase the bearish sentiment.
On the other hand, if the number one cryptocurrency remains above the moving averages, it would get an additional increase and an initial resistance on the upside is close to the $58,200 rate. More so, the main resistance is close to the $60,000 rate and a break above the $60,000 rate would push the price towards the key $62,000 resistance area. Additional gains could start a pump towards the $65,000 and $67,000 resistance rates.
BTC/USD Medium – Term Trend
On the 4-hour chart, we will see the coin returning the lost momentum and breaking the trade above $60,000. Nevertheless, we should bear in mind that the volatility hovers, and the selling pressure still remains which makes the coin incapable of crossing above the 9-day and 21-day moving averages. As for now, the $55,000 and below may occur if BTC breaks below the lower border of the channel.
However, traders can still see a retest at a $58,800 resistance level, and breaking of this level may allow the bulls to hit $60,000 and above. The RSI (14) is seen trading around 47-level which shows that more bearish signals may likely play out.