Bitcoin Price Signals Bearish Continuation, Why BTC Could Drop Below $60K
13 May 2024 - 1:34PM
NEWSBTC
Bitcoin price started a fresh decline from the $62,000 resistance
zone. BTC is declining and remains at a risk of more losses below
the $60,000 level. Bitcoin started a fresh decline after it failed
near $62,000. The price is trading below $61,000 and the 100 hourly
Simple moving average. There was a break below a bearish flag
pattern with support near $60,950 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could gain bearish
momentum if there is a close below the $60,000 level. Bitcoin Price
Signals Breakdown Bitcoin price found support near the $60,250 zone
and started a recovery wave. BTC was able to recover above the
23.6% Fib retracement level of the downward move from the $63,217
swing high to the $60,250 low. However, the bears were active near
the $61,800 resistance zone. They defended the 50% Fib retracement
level of the downward move from the $63,217 swing high to the
$60,250 low. There was a fresh bearish reaction below the $61,200
support zone. There was a break below a bearish flag pattern with
support near $60,950 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $61,000 and the 100 hourly Simple
moving average. Immediate resistance is near the $61,200 level. The
first major resistance could be $62,000 or the 100 hourly Simple
moving average. The next key resistance could be $62,500. A clear
move above the $62,500 resistance might send the price higher.
Source: BTCUSD on TradingView.com The main resistance now sits at
$63,500. If there is a close above the $63,500 resistance zone, the
price could continue to move up. In the stated case, the price
could rise toward $65,000. More Downsides In BTC? If Bitcoin fails
to climb above the $61,200 resistance zone, it could continue to
move down. Immediate support on the downside is near the $60,500
level. The first major support is $60,000. If there is a close
below $60,000, the price could start to drop toward $58,500. Any
more losses might send the price toward the $56,650 support zone 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 – $60,500, followed by $60,000. Major Resistance
Levels – $61,200, $62,200, and $62,500.
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