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How Bearish Is That BTC Rejected From The $60K Once Again?

Bitcoin’s value dropped by 3% at this time, because the cryptocurrency falls to a every day low of $55.5K, which is the 0.382 Fib stage. After the fast drop, BTC was in a position to bounce properly.

Just yesterday, Bitcoin had seen one other failed try to interrupt the $60k milestone, which brings it to a complete of three failed makes an attempt to interrupt the extent over the previous 3 days.

Despite the lower, the first cryptocurrency continues to be buying and selling above a short-term ascending development line that has been in play for the reason that starting of March.

Today, the rebound from $55,465 has allowed Bitcoin to determine a spread between $60,000 and $55K, with a robust S/R stage of round $57.5K. The coin would now want to interrupt one of many boundaries of this vary to dictate the market’s subsequent path.

There are two bullish indicators – first, Bitcoin didn’t break the higher-lows optimistic trajectory on the hourly chart. Second, at this time’s drop was adopted by a minimal quantity of buying and selling quantity. On the opposite hand, the truth that the $60k noticed one other third failed try and a fast rejection after it, would possibly sign a pink flag for the bulls.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $55,465, $53,500, $52,500, $51,540, $50,000.

Key Resistance Levels: $58,355, $60,000, $61,780, $62,900, $62,280.

Looking forward, the primary stage of assist lies on the brief time period ascending development line.This is adopted by $55,465 (.382 Fib, at this time’s low), $53,500 (.5 Fib), $52,500, and $51,540 (.618 Fib). Added assist is then anticipated at $50,000 and $48,870 (.382 Fib).

On the opposite facet, the primary stage of resistance lies at present stage of $57.5K, adopted by $58,355 (February highs). This is adopted by $60,000, $61,780 (ATH Price), $62,900 (1.414 Fib Extension), $65,280 (1.618 Fib extension), and $65,000.

The Daily RSI is now reapproaching the midline, indicating that the bullish momentum is fading and indecision looms throughout the market. The present buying and selling vary characterizes this indecision, and a break beneath the 50 stage on the RSI is prone to result in Bitcoin falling beneath the present vary.

Bitstamp BTC/USD Daily Chart

BTC/USD Daily Chart. Source: TradingView

Bitstamp BTC/USD 4-Hour Chart

BTC/USD 4-Hour Chart. Source: TradingView
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Cryptocurrency charts by TradingView.

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