Mercato
24h Vol
6566
Cryptocurrencies
51.43%
Bitcoin Condividere

Bitcoin Price Downtrend Continues: Brace for More Losses

Bitcoin Price Downtrend Continues: Brace for More Losses


NewsBTC
2024-07-08 03:18:22

Bitcoin price failed to start a recovery wave above the $58,500 resistance zone. BTC started another decline and might extend losses below $54,000. Bitcoin started a fresh decline and traded below the $56,500 zone. The price is trading below $56,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $56,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might struggle to start a fresh increase above the $58,000 resistance zone. Bitcoin Price Turns Red Bitcoin price started a recovery wave above the $57,000 level. BTC even climbed above the $58,000 level. However, the bears were active near the $58,500 resistance zone. A high was formed at $58,396 and the price started a fresh decline. There was a drop below the $57,000 and $56,500 level. A low has formed near $54,301 and the price is now consolidating losses. There was a minor increase toward the 23.6% Fib retracement level of the downward move from the $58,396 swing high to the $54,301 low. Bitcoin price is still trading below $56,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $56,000 level. The first key resistance is near the $56,400 level. There is also a connecting bearish trend line forming with resistance at $56,350 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the downward move from the $58,396 swing high to the $54,301 low. A clear move above the trend line might send the price toward the $57,400 level. The next key resistance could be $58,400. A close above the $58,40 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $60,000 resistance in the coming sessions. More Losses In BTC? If Bitcoin fails to climb above the $56,400 resistance zone, it could continue to move down. Immediate support on the downside is near the $54,400 level. The first major support is $53,650. The next support is now forming near $53,200. Any more losses might send the price toward the $52,000 support zone in the near term. 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 now below the 50 level. Major Support Levels – $54,400, followed by $53,500. Major Resistance Levels – $56,400, and $58,400.


Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta