TA: Bitcoin Holds Key Support, Why BTC Remains At Risk of Sharp Decline
November 22 2021 - 10:08PM
NEWSBTC
Bitcoin retested the $55,500 support zone against the US Dollar.
BTC is recovering, but it could face a strong selling interest near
$57,500 in the near term. Bitcoin settled below the key $58,000 and
$57,500 resistance levels. The price is now trading below $57,500
and the 100 hourly simple moving average. There is a major bearish
trend line forming with resistance near $58,000 on the hourly chart
of the BTC/USD pair (data feed from Kraken). The pair is
recovering, but upsides might be limited above the $57,500
resistance zone. Bitcoin Price Remains At Risk Bitcoin price
started a fresh decline from the $59,500 zone. BTC gained pace
below the $58,500 and $57,500 support levels to enter a bearish
zone. The decline gained pace below the $56,500 level and the price
retested the $55,500 support zone. A low is formed near $55,633 and
the price is now correcting losses. There was a break above the
$56,500 level. The price climbed above the 23.6% Fib retracement
level of the downward move from the $59,411 swing high $55,633 low.
However, bitcoin price is now trading below $57,500 and the 100
hourly simple moving average. There is also a major bearish trend
line forming with resistance near $58,000 on the hourly chart of
the BTC/USD pair. Source: BTCUSD on TradingView.com An immediate
support is near the $56,500 level. The first major support is now
forming near the $55,500 level. A downside break below the $55,500
level could spark more losses. In the stated case, the price might
decline towards the $55,000 level. Any more losses may perhaps lead
the price towards the $52,000 support zone in the near term. Upside
Capped In BTC? If bitcoin stays above the $56,500 support, it could
attempt a fresh recovery wave. On the upside, an initial resistance
is near the $57,200 level. The first key resistance is near the
$57,500 level. It is near the 50% Fib retracement level of the
downward move from the $59,411 swing high $55,633 low. The next
major resistance sits near the $58,000 level and the 100 hourly
simple moving average, above which the price might rise towards the
$60,000 level. Technical indicators: Hourly MACD – The MACD is
slowly moving into the bullish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is still below the 50 level. Major
Support Levels – $56,500, followed by $55,500. Major Resistance
Levels – $57,500, $58,000 and $60,000.
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