TA: Bitcoin Corrects For Less Than $ 58,000, But This Is Why The Rise Is Still

Bitcoin's price did not break the $ 59,500 resistance against the US dollar. BTC is currently trading below $ 58,000, but still above the major supports of $ 56,500. Bitcoin failed to gain strength above the $ 59,200 and $ 59,500 resistance levels. The price is currently trading below the $ 58,250 support and the simple hourly moving average of 100. A major contraction triangle is forming on the hourly chart of the BTC / USD pair (Kraken data stream) with support around $ 57,400. Unless there is a close below $ 56,500 the pair is likely to start higher higher. Corrects Bitcoin Price Low Bitcoin has moved above the $ 59,000 level but has not become stronger than the $ 59,200 and $ 59,500 resistance levels. BTC traded as high as $ 59,475 and recently started a downward correction. It traded below the $ 58,250 and $ 58,000 key support level. In fact, it dropped below the $ 58,000 level and the simple 100 hourly moving average. A low is forming around $ 57,250, and the price is currently consolidating losses around $ 57,500. A major contraction triangle appears to be forming on the hourly chart of the BTC / USD pair with support near $ 57,400. Instant upside resistance is near the $ 57,800 level. It rose from near the 23.6% Fib retracement level of the last decline to $ 57,250 from the $ 59,475 low. Source: BTCUSD on TradingView.com First major resistance near USD 58,250 and hourly moving average at 100. The 50% Fib retracement level of the last volatility from $ 59,475 to $ 57,250 is also near $ 58,360. A sharp break above the $ 58,250 and $ 58,360 levels could open the way for a stable rise. In this case, the price is expected to climb towards the $ 59,250 resistance. Are falls in BTC limited? If Bitcoin doesn't go above $ 58,000 and $ 58,250, there may be other disadvantages. The first major negative support is near the $ 57,400 level and the lower triangle trend line. A downward break under the sup triangle Read more

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