{"id":460633,"date":"2021-04-07T03:08:19","date_gmt":"2021-04-07T03:08:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=460633"},"modified":"2024-06-11T14:14:38","modified_gmt":"2024-06-11T14:14:38","slug":"bitcoin-uptrend-is-still-intact-56-5k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-uptrend-is-still-intact-56-5k\/","title":{"rendered":"TA: Bitcoin Corrects Below $58K, But Here&#8217;s Why Uptrend Is Still Intact"},"content":{"rendered":"<p><em>Bitcoin price failed to surpass the $59,500 resistance against the US Dollar. BTC is now trading below $58,000, but it is still above important supports such as $56,500.<\/em><\/p>\n<ul>\n<li>Bitcoin failed to gain strength above the $59,200 and $59,500 resistance levels.<\/li>\n<li>The price is now trading below the $58,250 support and the 100 hourly simple moving average.<\/li>\n<li>There is a major contracting triangle forming with support near $57,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to start a fresh increase as long as there is no close below $56,500.<\/li>\n<\/ul>\n<h2>Bitcoin Price Corrects Lower<\/h2>\n<p>Bitcoin climbed above the $59,000 level, but it failed to gain strength above the <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-settles-above-100-sma\/\" target=\"_blank\" rel=\"noopener \">$59,200 and $59,500 resistance levels<\/a>. BTC traded as high as $59,475 and recently started a downside correction.<\/p>\n<p>It traded below the key $58,250 support level and $58,000. It even settled below the $58,000 level and the 100 hourly simple moving average. A low is formed near $57,250 and the price is now consolidating losses near $57,500.<\/p>\n<p>It seems like there is a major contracting triangle forming with support near $57,400 on the hourly chart of the BTC\/USD pair. An immediate resistance on the upside is near the $57,800 level. It is near the 23.6% Fib retracement level of the recent decline from the $59,475 swing high to $57,250 low.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-5.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-460634\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-5.png?resize=1828%2C867\" alt=\"Bitcoin Price\" width=\"1828\" height=\"867\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-5.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-5.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-5.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-5.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-5.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-5.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-5.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The first major resistance is near the $58,250 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $59,475 swing high to $57,250 low is also near $58,360.<\/p>\n<p>A clear break above the $58,250 and $58,360 levels could open the doors for a <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/ta-bitcoin-faces-hurdles-near-58-5k-why-dips-remain-attractive\/\" target=\"_blank\" rel=\"noopener \">steady increase<\/a>. In the stated case, the price is likely to rise towards the $59,250 resistance.<\/p>\n<h2>Dips Limited in BTC?<\/h2>\n<p>If bitcoin fails to climb above $58,000 and $58,250, there could be more downsides. The first major support on the downside is near the $57,400 level and the triangle lower trend line.<\/p>\n<p>A downside break below the triangle support could lead the price towards the main $56,500 support level. Any more losses might put a lot of pressure on the bulls in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly losing momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $57,400, followed by $56,500.<\/p>\n<p>Major Resistance Levels \u2013 $58,000, $58,250 and $59,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to surpass the $59,500 resistance against the US Dollar. BTC is now trading below $58,000, but it is still above important supports such as $56,500. Bitcoin failed to gain strength above the $59,200 and $59,500 resistance levels. The price is now trading below the $58,250 support and the 100 hourly simple moving average. There is a major contracting triangle forming with support near $57,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to start a fresh increase as long as there is no close below $56,500. Bitcoin Price Corrects Lower Bitcoin climbed above the $59,000 level, but it failed to gain strength above the $59,200 and $59,500 resistance levels. BTC traded as high as $59,475 and recently started a downside correction. It traded below the key $58,250 support level and $58,000. It even settled below the $58,000 level and the 100 hourly simple moving average. A low is formed near $57,250 and the price is now consolidating losses near $57,500. It seems like there is a major contracting triangle forming with support near $57,400 on the hourly chart of the BTC\/USD pair. An immediate resistance on the upside is near the $57,800 level. It is near the 23.6% Fib retracement level of the recent decline from the $59,475 swing high to $57,250 low. Source: BTCUSD on TradingView.com The first major resistance is near the $58,250 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $59,475 swing high to $57,250 low is also near $58,360. A clear break above the $58,250 and $58,360 levels could open the doors for a steady increase. In the stated case, the price is likely to rise towards the $59,250 resistance. Dips Limited in BTC? If bitcoin fails to climb above $58,000 and $58,250, there could be more downsides. The first major support on the downside is near the $57,400 level and the triangle lower trend line. A downside break below the triangle support could lead the price towards the main $56,500 support level. Any more losses might put a lot of pressure on the bulls in the near term. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level. Major Support Levels \u2013 $57,400, followed by $56,500. Major Resistance Levels \u2013 $58,000, $58,250 and $59,200.<\/p>\n","protected":false},"author":67,"featured_media":460635,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-460633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin Corrects Below $58K, But Here&#039;s Why Uptrend Is Still Intact<\/title>\n<meta name=\"description\" content=\"Bitcoin price failed to surpass the $59,500 resistance against the US Dollar. 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