Exclusive Bitcoin (BTC) Continues Consolidating Below the $60,000 Level

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In Brief
  • BTC is trading near resistance at $59,500.

  • It's following a short-term descending resistance line.

  • BTC has support levels at $56,500 and $55,300.

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Bitcoin (BTC) has been consolidating just below that $59,500 resistance area over the past week.

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The short-term bitcoin trend is still undetermined. Whether BTC breaks out above the short-term resistance line or breaks down below minor support will likely determine the direction of its trend.

Ongoing BTC Rejection

BTC has been moving downwards since getting rejected by the $59,500 resistance area on April 6.

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The decrease has been gradual, but technical indicators are still bearish. 

The MACD has crossed into negative territory and the RSI is at risk of falling below 50. 

The next closest support levels are found at $56,500 and $55,300.

Chart By TradingView

The two-hour chart shows that BTC is also following a descending resistance line. 

However, there is no support line in place and technical indicators are neutral. 

Therefore, the direction of the short-term trend cannot be determined. 

A breakout from the descending resistance line or a breakdown from the $56,500 support area would be required for a more accurate prediction of its trajectory. 

The latter could cause it to fall back to $55,300, while the former could take BTC to a new all-time high price.

Chart By TradingView

Wave Count

The wave count indicates that BTC is in the fifth and final sub-wave (orange) of a long-term bullish impulse.

It has just begun a new sub-wave, which has a potential target between $83,500-$90,000. 

The minor sub-wave count is shown in black.

Chart By TradingView

Conclusion

Bitcoin still looks bullish in the long-term and is expected to make a new all-time high soon. 

However, the direction of the short-term trend cannot be determined at the current time.

For BeInCrypto’s previous bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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