Bitcoin and a Struggle with Resistance and Support

in HODL2 months ago

The cost of Bitcoin is only down 3% now as the cash has dropped to the current $ 55,000 grade.

Prior to this, Bitcoin attempted to breach the $ 60,000 level throughout the weekend, but neglected to close a daily candle above $ 58,000.

Consequently, Bitcoin pulled back from $ 58,000 yesterday and dipped below the March rising line to hit as low as $ 53,000, after which Bitcoin rebounded again at the end of the day, closing the candle at $ 54,000.

Before the start of the day, Bitcoin rose further, reaching $ 54,000.

Thankfully, Bitcoin discovered a strong interim aid at $ 54,000, which was seen better on the 4-hour charts, and swayed higher than that point, overtaking $ 55,000.

This latest Bitcoin meltdown could set off a downward trail for cash as it reaches a new low in around fourteen days.

Bitcoin's primary aid levels are as follows:

$ 52,500, $ 52,000, $ 51,500, $ 50,700, $ 50,000.

With regard to the primary obstacle levels, they are:

$ 55,000, $ 58,350, $ 60K, $ 61,780, $ 62,900.

This was followed by $ 58,000, $ 60,000 and $ 61,700 (the highest Bitcoin value is worth noting at the moment), at that point $ 62,900.

The RSI has now dropped below its mid-line, indicating an intraday bearish energy within the market.

In the event that it does not continue to decline, the extended bearish energy will likely pull Bitcoin back towards $ 50,000.

The RSI is now in the oversold territory, and the bullish hybrid signal should help halt the downtrend.

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