TA: Bitcoin Close Below $56K Could Spark A Larger Decline
December 02 2021 - 10:08PM
NEWSBTC
Bitcoin is struggling to surpass the $57,200 resistance against the
US Dollar. BTC is declining and it might accelerate lower if there
is a close below the $56,000 support. Bitcoin is struggling to move
above the $57,000 and $57,500 levels. The price is now trading
below $57,000 and the 100 hourly simple moving average. There is a
key contracting triangle forming with support near $56,100 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
could accelerate lower if there is a clear break below the $56,000
support zone. Bitcoin Price is Facing Hurdles Bitcoin price failed
to start a decent increase above the $58,000 resistance zone. BTC
started a slow decline, and it broke the $57,200 support level to
enter a bearish zone. There was also a close below $57,000 and the
100 hourly simple moving average. However, the bulls are defending
the $56,000 support level. The recent low was formed near $55,848
and bitcoin is now consolidating losses above the $56,000 level. An
immediate resistance on the upside is near the $56,600 level. It is
near the 23.6% Fib retracement level of the recent decline from the
$59,090 swing high to $55,848 low. The first major resistance is
near the $57,000 level. There is also a key contracting triangle
forming with support near $56,100 on the hourly chart of the
BTC/USD pair. The next major resistance is near $57,500. It is
close to the 50% Fib retracement level of the recent decline from
the $59,090 swing high to $55,848 low. A clear break above the
$57,500 resistance zone could open the doors for more upsides. The
next key resistance is near the $58,500 level, above which the
price could rise steadily. The next stop for the bulls may possibly
be near the $60,000 level. More Losses In BTC? If bitcoin fails to
clear the $57,500 resistance zone, it could extend losses. An
immediate support on the downside is near the $56,100 level. The
first major support is now forming near the $56,000 level. A
downside break below the $56,000 support may perhaps start a sharp
decline. The next stop for the bears might be $53,500. 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 currently below the 50 level. Major Support Levels –
$56,000, followed by $55,000. Major Resistance Levels – $57,000,
$58,500 and $58,500.
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024