Bitcoin Dives Below $60K, Why Bulls Could Struggle In Short-Term
October 27 2021 - 11:08PM
NEWSBTC
Bitcoin price failed to stay above the $60,000 level against the US
Dollar. BTC is consolidating losses and it remains at a risk of
more downsides below $58,000. Bitcoin extended its decline below
$62,000 and $60,000 support levels. The price is now trading below
$60,000 and the 100 hourly simple moving average. There is a key
bearish trend line forming with resistance near $60,900 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
remains at a risk of more downsides below the $58,000 level in the
near term. Bitcoin Price Extends Losses Bitcoin price failed to
stay above the key $62,000 and $60,000 support levels. As a result,
there was a crucial downside break below $60,000. The price even
settled below the $60,000 level and the 100 hourly simple moving
average. A low is formed near $58,140 and the price is now
consolidating losses. An immediate resistance on the upside is near
the $59,500 level. It is near the 23.6% Fib retracement level of
the recent drop from the $63,700 swing high to $58,140 low. The
first major resistance is near the $60,000 level. The main breakout
zone is now forming near the $61,000 level and the 100 hourly SMA.
The 50% Fib retracement level of the recent drop from the $63,700
swing high to $58,140 low is also near $60,900. Besides, there is a
key bearish trend line forming with resistance near $60,900 on the
hourly chart of the BTC/USD. Source: BTCUSD on TradingView.com A
clear break above the trend line resistance and then $61,000 may
possibly call open the doors for a move towards the $62,000 level.
The next major resistance sits near the $64,000 level. More Losses
In BTC? If bitcoin fails to clear the $60,000 resistance zone, it
could continue to move down. An immediate support on the downside
is near the $58,200 level. The first major support is now forming
near the $58,000 level. A break below the $58,000 support may
possibly push the price towards the $57,200 support zone in the
near term. The next key support is near the $56,500 level.
Technical indicators: Hourly MACD – The MACD is slowly losing pace
in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is now below the 50 level. Major Support Levels –
$58,200, followed by $58,000. Major Resistance Levels – $59,500,
$60,000 and $60,900.
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