Bitcoin Price Fails at Key Resistance Levels
Solid ECN – Bitcoin price failed to surpass the EMA 50 and the 50% Fibonacci resistance level in the previous trading session. Consequently, the digital gold dipped below the 23.6% Fibonacci support level and traded at about $62,800 when writing.
The technical indicators give mixed signals. The RSI hovers below 50, and the awesome oscillator bars are green and approaching the signal line. This can be interpreted as uncertainty in the market.
As shown in the BTCUSD 4-hour chart above, the pair trades with a wide bearish flag in red, which widens the trading range and increases the risk. This is the downside of trading cryptocurrencies.
Therefore, we suggest waiting for the Bitcoin price to reach critical support levels before entering the market. Since the trend is bearish in the short term, the market dip might extend to the lower band of the flag or to April's low, the $60,500 area.