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Bitcoin price failed to cross the $ 59,500 resistance against the US dollar. BTC is currently trading below $ 58,000, but still stands above the substantial support of $ 56,500.

 

 

Bitcoin failed to gain power

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 100 hourly simple moving average.

The hourly chart of the BTC / USD pair includes a large contract triangle formed with support close to $ 57,400.

Unless there is a close below $ 56,500, the pair is likely to start a new uptrend.

If Bitcoin fails to move above $ 58,000 and $ 58,250, there could be further declines. The first major support on the downside is near the $ 57,400 level and the triangle bottom trend line.

A downside break below the triangle support could push the price towards the key support level of $ 56,500. Further losses could put too much pressure on the bulls in the near term.

 

Technical indicators

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well below the 50 level.

Major Support Levels – $ 57,400 followed by $ 56,500.

Major Resistance Levels – $ 58,000, $ 58,250 and $ 59,200.

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