Bitcoin / USD may fall to 56410 - 56900

Our pivot point is at 58770.

Our preference

The downside prevails as long as 58770 is resistance.

Alternative scenario

Above 58770, look for 59600 and 60090.

Comment

The RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 59057 and 59753).

Supports and resistances

60090 **

59600 *

58770 **

58440

58063 last

56900

56410 **

55920 *

55430 **

Number of asterisks represents the strength of support and resistance levels.