TA: Bitcoin Corrects Below $58K, But Here’s Why Uptrend Is Still Intact

TA: Bitcoin Corrects Below $58K, But Here’s Why Uptrend Is Still Intact


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.

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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

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