Bitcoin Price Tests Support: Will It Bounce Back Stronger?
14 Agosto 2024 - 9:48PM
NEWSBTC
Bitcoin price failed to clear the $61,500 resistance zone. BTC is
now retesting the $58,000 support and might attempt a fresh
increase. Bitcoin started a fresh decline from the $61,500
resistance zone. The price is trading below $60,000 and the 100
hourly Simple moving average. There was a break below a key bullish
trend line with support at $59,250 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair might attempt a
fresh increase if it stays above the $58,000 zone. Bitcoin Price
Holds Support Bitcoin price failed to settle above the $61,500
resistance zone. BTC formed a short-term top and started a fresh
decline below the $60,500 level. There was a move below the $60,000
and $59,000 levels. Besides, there was a break below a key bullish
trend line with support at $59,250 on the hourly chart of the
BTC/USD pair. The pair retested the $58,000 support zone. A low is
formed at $58,061 and the price is now consolidating losses.
Bitcoin price is now trading below $60,000 and the 100 hourly
Simple moving average. On the upside, the price could face
resistance near the $58,800 level. It is close to the 23.6% Fib
retracement level of the downward move from the $61,438 swing high
to the $58,061 low. The first key resistance is near the $59,500
level or the 50% Fib retracement level of the downward move from
the $61,438 swing high to the $58,061 low A clear move above the
$59,500 resistance might send the price further higher in the
coming sessions. The next key resistance could be $60,000. The next
major hurdle sits at $61,500. A close above the $61,500 resistance
might spark more upsides. In the stated case, the price could rise
and test the $63,500 resistance. More Losses In BTC? If Bitcoin
fails to rise above the $58,800 resistance zone, it could continue
to move down. Immediate support on the downside is near the $58,000
level. The first major support is $57,650. The next support is now
near the $56,500 zone. Any more losses might send the price toward
the $55,500 support zone or even $55,000 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 –
$58,000, followed by $57,650. Major Resistance Levels – $58,800,
and $59,500.
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