TA: Bitcoin Close Below $56K Could Spark A Larger Decline

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,265,544,698,380	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,265,544,698,380

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-31.89	-0.05%	64,452.75	64,451.98	64,453.10

Price Change

Price Change %

Current Price

Bid Price

Offer

-31.89

-0.05%

64,452.75

64,451.98

64,453.10

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,670.00	63,922.85	64,488.01	64,484.64	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,670.00

63,922.85

64,488.01

64,484.64

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	07:15:23	0.039600	64,462.99	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

07:15:23

0.039600

64,462.99

USD

Price x Volume	Volume	Base Symbol	Related Pairs
127,478,221.73	1,982.40	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

127,478,221.73

1,982.40

TA: Bitcoin Close Below $56K Could Spark A Larger Decline

03/12/2021 3:08am

NEWSBTC

Bitcoin is struggling to surpass the $57,200 resistance against the US Dollar. BTC is declining and it might accelerate lower if there is a close below the $56,000 support. Bitcoin is struggling to move above the $57,000 and $57,500 levels. The price is now trading below $57,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with support near $56,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate lower if there is a clear break below the $56,000 support zone. Bitcoin Price is Facing Hurdles Bitcoin price failed to start a decent increase above the $58,000 resistance zone. BTC started a slow decline, and it broke the $57,200 support level to enter a bearish zone. There was also a close below $57,000 and the 100 hourly simple moving average. However, the bulls are defending the $56,000 support level. The recent low was formed near $55,848 and bitcoin is now consolidating losses above the $56,000 level. An immediate resistance on the upside is near the $56,600 level. It is near the 23.6% Fib retracement level of the recent decline from the $59,090 swing high to $55,848 low. The first major resistance is near the $57,000 level. There is also a key contracting triangle forming with support near $56,100 on the hourly chart of the BTC/USD pair. The next major resistance is near $57,500. It is close to the 50% Fib retracement level of the recent decline from the $59,090 swing high to $55,848 low. A clear break above the $57,500 resistance zone could open the doors for more upsides. The next key resistance is near the $58,500 level, above which the price could rise steadily. The next stop for the bulls may possibly be near the $60,000 level. More Losses In BTC? If bitcoin fails to clear the $57,500 resistance zone, it could extend losses. An immediate support on the downside is near the $56,100 level. The first major support is now forming near the $56,000 level. A downside break below the $56,000 support may perhaps start a sharp decline. The next stop for the bears might be $53,500. 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 currently below the 50 level. Major Support Levels – $56,000, followed by $55,000. Major Resistance Levels – $57,000, $58,500 and $58,500.

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