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TA: Bitcoin Begins Corrective Lower, $53K Holds The Key

Bitcoin began a draw back correction from the $55,700 zone towards the US Greenback. BTC is correcting decrease, however dips stay supported close to $53,000 and $53,200.

Bitcoin began a draw back correction from properly above the $55,500 stage.
The value is now buying and selling above $53,000 and the 100 hourly easy transferring common.
There was a break under a key bullish pattern line with help close to $53,100 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair might appropriate decrease, however the bulls are more likely to stay energetic close to $53,000.

Bitcoin Worth Corrects Decrease

Bitcoin value remained in a optimistic zone above the $52,000 resistance. BTC even broke the $55,000 resistance stage and settled above the 100 hourly easy transferring common.

Nevertheless, the value didn’t proceed larger above the $55,700 zone. A excessive was fashioned close to $55,770 earlier than there was a draw back correction. The value corrected decrease under the $55,200 help stage. The value even traded under the 23.6% Fib retracement stage of the upward wave from the $50,365 swing low to $55,777 excessive.

There was additionally a break under a key bullish pattern line with help close to $53,100 on the hourly chart of the BTC/USD pair. A direct help on the draw back is close to the $53,500 stage.

Supply: BTCUSD on TradingView.com

On the upside, an preliminary resistance is close to the $54,500 stage. The primary main resistance is close to the $55,000 stage, above which the value might speed up larger. The subsequent main resistance sits close to the $55,500 stage. Any extra positive aspects might set the tempo for a transfer in the direction of the $58,000 stage.

Dips Restricted In BTC?

If bitcoin fails to clear the $55,000 resistance zone, it might proceed to maneuver down. A direct help on the draw back is close to the $53,500 stage. The primary main help is now forming close to the $53,100 stage.

The subsequent main help is close to the $53,000 stage. It’s close to the 50% Fib retracement stage of the upward wave from the $50,365 swing low to $55,777 excessive. Any extra losses might open the doorways for a transfer in the direction of the $52,500 stage. The subsequent key help sits close to the $52,000 stage.

Technical indicators:

Hourly MACD – The MACD is now transferring within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now under the 50 stage.

Main Help Ranges – $53,500, adopted by $53,000.

Main Resistance Ranges – $54,500, $55,000 and $55,500.

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin88,972 0.26 % 5.45 % 18.79 %
Ethereum5,482.1 0.82 % 8.09 % 17.90 %
Binance Coin672.37 0.74 % 4.55 % 14.86 %
Cardano2.920 0.21 % 3.74 % 3.78 %
Tether1.340 0.00 % 0.29 % 0.29 %
XRP1.530 0.61 % 5.69 % 4.36 %
Solana230.97 0.16 % 11.27 % 14.32 %
Polkadot59.60 0.29 % 8.30 % 27.61 %
Dogecoin0.3399 0.61 % 4.75 % 12.98 %
USD Coin1.340 0.00 % 0.21 % 0.33 %

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