TA: Bitcoin Trims Gains, Here’s Why The Bulls Could Struggle Near $57K

Bitcoin price failed to continue higher towards $60,000 against the US Dollar.

BTC tested the $59,000 zone, but it failed to continue higher.

There was a break below a major bullish trend line with support near $57,300 on the hourly chart of the BTC/USD pair.

There was a break above the 23.6% Fib retracement level of the recent decline from the $59,028 high to $54,665 low.

On the upside, an initial resistance is near the $56,800 level and the 100 hourly simple moving average.

The main resistance is now forming near the $57,000 zone.

If bitcoin fails to clear the $56,800 resistance, it could correct lower once again.

The first key support is near the $54,500 level and the recent low.

He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.

…Read the full story